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Irish mortgage arrears fall to lowest level since 2009

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The rate of Irish owner-occupier mortgages in arrears for at least three months fell to the lowest level since 2009 in June, according to Central Bank data.

Some 3.5 per cent of private-dwelling home mortgage accounts were in arrears over 90 days at the end of the second quarter, down from 4 per cent a year earlier, and post-crash peak of almost 13 per cent in 2013.

At end-June, 75 per cent of accounts in arrears over 90 days were held by non-banks.

The number of accounts in long-term arrears – or greater than 1 year – was 18,044, equating to 2.6 per cent of all owner-occupier accounts. Still, this was down by more than 2,000 accounts from the same date last year.

Some 10 per cent of buy-to-let mortgages were in arrears for at least three months at the end of June, albeit down from 11.4 per cent a year earlier.

The ongoing decline in arrears has been helped by continued resilience in the domestic economy and rising house prices, even as global outlook has deteriorated in the past year amid concerns over the Trump administration’s trade policies. The Central Bank forecasts that the domestic economy – measured as modified domestic demand – will expand 2.9 per cent this year and a further 2.2 per cent in 2026.

While the unemployment rate inched up to 4.7 per cent in August from 4.1 per cent a year earlier, according to the latest figures from the Central Statistics Office (CSO).

Home prices rose by 7.5 per cent in the year to July, according to the CSO.

Fergal O’Leary, chief commercial officer at Núa Money, which entered the mortgage market in the middle of last year, said that while the ongoing decline in arrears is “encouraging”, there is no room for complacency.

“The economic outlook is softening, with slower growth forecast from 2026, potential rises in unemployment, and uncertainty linked to international trade tensions,” he said. “At the same time, house prices and average mortgage drawdowns remain at record levels, which could leave some borrowers more exposed if conditions change.”

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The global wealthy are lining up for Trump’s $1 million Gold Card after price cut

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  • President Donald Trump slashed the price of his Gold Card immigration plan from $5 million to $1 million.
  • He promised it will grant residency in “record time,” making it one of the most sought after golden-visas in the world.
  • Advisors to the ultra-wealthy said their clients are expressing interest in getting access to the U.S. education system, health care system, banking system and financial markets.
U.S. President Donald Trump signs an executive order in the Oval Office at the White House on September 19, 2025 in Washington, DC. Trump signed two executive orders, establishing the “Trump Gold Card” and introducing a $100,000 fee for H-1B visas.
Andrew Harnik | Getty Images News | Getty Images

A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.

By slashing the price of the Gold Card from $5 million to $1 million, President Donald Trump has created one of the most coveted deals in the global visa market, with demand already surging among the world’s wealthy, according to immigration attorneys.

Last week, Trump signed an executive order announcing the official launch of the Gold Card, which will cost $1 million and grant residency in “record time,” he said. When he first announced the Gold Card in February, the price was $5 million. While the Gold Card website also touts a future $5 million Platinum Card, with added tax benefits, the Platinum Card wasn’t in the executive order and wasn’t mentioned in the press event.

With its new discounted price and promise of speedy approvals, the Gold Card has instantly become one of the most sought after “golden visas” in the world, with a price below many other countries. Singapore’s investment visa program, for instance, costs nearly $8 million, while New Zealand’s new program is just under $3 million. Even Samoa is more expensive, requiring a $1.4 million investment.

“The Gold Card is almost too cheap,” said Reaz Jafri of Withers. “You get access to the U.S. education system, health-care system, banking system and financial markets, all for $1 million. It’s a pittance for many of these families. I think they should have kept it at $5 million to make it special.”

The global wealthy are ready to write the checks. Jafri said he was speaking at a family office conference in Singapore this week and was approached by three families — two based in China and one based in India — who immediately expressed interest in buying a Gold Card. He said he expects his firm alone will help process “hundreds” of applications once the program is off the ground and proven.

Commerce Secretary Howard Lutnick said the government plans to issue 80,000 Gold Cards. Together with potential Platinum Card and the new H-1B fees, which were raised to $100,000, he said the programs are expected to raise $100 billion in federal revenue.

The Gold Card still faces obstacles. Despite the announcement at the White House Friday, there is no way to apply for the visa yet. The website announcing the Gold Card that went live in June asks for basic information from potential applicants, including their name and country of residence. So far, people who registered on the site said they haven’t received any updates.

The program is also likely to be challenged in the courts and potentially by Congress. Because immigration law is set by Congress, the president created the Gold Card through several legal workarounds, including using the existing EB-1 and EB-2 programs as the infrastructure or basis for the Gold Card. The $1 million fee is officially labeled an “unrestricted gift” to the government rather than an official fee change.

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The tentative legal status may also give the overseas wealthy pause at first, according to immigration attorneys. Many applicants will likely wait to see the first Gold Cards awarded and granted before spending the $1 million. And some may wait even longer.

“These things always take a little bit of time to ramp up,” said Dominic Volek group head of private clients at Henley & Partners. “People don’t want to be the first one to try it. The majority of our clients like to see the program up and running for three to six months and see the outcomes before they commit.”

Volek said he’s already had a number of inquiries from clients and expects the program to attract at least 5,000 to 10,000 applications a year.

“From a price point perspective, it’s definitely more attractive at $1 million instead of $5 million,” Volek said. “And if it’s as quick as they say, it becomes even more attractive.”

The Gold Card also comes at an opportune moment in the global visa market. As geopolitical uncertainty, wars and political tensions rise across the world, the ultra-wealthy are buying alternative citizenships and residencies for a “Plan B” or hedge against their home countries.

An estimated 142,000 millionaires are expected to relocate to another country in 2025, according to a report from New World Wealth and Henley & Partners. The U.S. is one of the top destinations, with 7,500 millionaires expected to move to the U.S. this year, ranking only second to the UAE, according to the report. Most of the millionaires coming to America are from Asia, the U.K. and Latin America.

Demand for the Gold Card is likely to come mainly from China and India, according to immigration advisers. Yet applicants from those countries may be disappointed. The EB-1 and EB-2 programs (which form the basis for the Gold Card) already have large backlogs from applicants from China and India, stretching for years. If Gold Card buyers are allowed to skip to the front of the line because of their $1 million donation, the applicants who have been waiting could file lawsuits. At the same time, Gold Card buyers won’t be willing to spend $1 million if they’re forced to wait years for approval.

Dramatically expanding the number of visas available through the EB-1 and EB-2 programs would also likely require approval from Congress, advisors said.

“India and China are actually excluded in a way from the Gold Card,” Volek said. “The EB-1 and EB-2 routes already have significant backlogs for China and India. So immediate access to the Gold Card may not actually work if you’re born in one of those two countries.”

The Gold Card also has some downsides compared with other golden visa programs around the world. The $1 million donation isn’t refundable, while visas in other countries are structured as investments that could generate returns. And unlike most other countries, the U.S. taxes its citizens and residents on their worldwide income, even if it’s earned overseas.

The Platinum Card is designed to partially avoid the taxation issue in exchange for a higher price. According to the White House, the Platinum Card would allow holders to remain in the U.S. for 270 days a year without paying taxes on their overseas income. Currently, overseas nationals are subject to worldwide tax if they are in the U.S. for 183 days during a three-year period using a complex IRS day-counting formula known as the “substantial presence” test.

Some advisors say the Platinum Card will be a tougher sell than the Gold Card, since it doesn’t lead to a green card or citizenship and has limited benefits for the ultra-rich who already spend time in the U.S.

“It will not sell well,” said David Lesperance, of Lesperance Associates. “Few will consider it worth $5 million just to spend an additional 91 days in the U.S.”

Others say the Gold and Platinum cards will appeal to different types of overseas rich. The Platinum Card may be appealing to the ultra-wealthy — say, billionaires from Asia or the Middle East — who want to be in the U.S. but want to shield their companies and income from U.S. taxes. Jafri said he’s already received inquiries about the Platinum Card from four Brazilian family offices.

The Gold Card is more fitting for the sons and daughters of the overseas rich who want to go to college in the U.S. and become more competitive in the U.S. job market after graduating.

“A lot of the kids of these overseas billionaires don’t want to run the family business and want to be architects or doctors or engineers and have regular jobs,” Jafri said. “Or maybe they want to create a startup in America. The Gold Card is very attractive for that group.”

Given the relatively low price of the Gold and Platinum cards, Jafri said the White House should consider eventually issuing a Black Card.

“They could charge $20 million or $25 million and exempt the buyers from the estate tax,” he said. “That would be a game-changer. I bet 1,000 people would do it and they would bring all their assets to the U.S.”

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CDC takes down more than a dozen webpages on sexual and gender identity, health equity

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  • More than a dozen pages on the Centers for Disease Control and Prevention website related to sexual and gender identity, health equity, and other topics have been taken down, CNBC has learned. 
  • The CDC received a directive from the Health and Human Services Department, which oversees the agency, to remove certain webpages by the end of the day Sept. 19, according to an internal CDC email viewed by CNBC, which was sent that day to some employees whose work is related to the pages.
  • Some health equity advocates say removing such resources could create gaps in access to critical health information, especially for marginalized groups, and undermine efforts to promote equitable care.
A sign for the CDC sits outside of their facility at the Centers for Disease Control and Prevention Roybal campus in Atlanta, Georgia, U.S., May 30, 2025.
Megan Varner | Reuters

More than a dozen pages on the Centers for Disease Control and Prevention website related to sexual and gender identity, health equity, and other topics have been taken down, CNBC has learned. 

The CDC received a directive from the Health and Human Services Department, which oversees the agency, to remove certain webpages by the end of the day Sept. 19, according to an internal CDC email viewed by CNBC, which was sent that day to some employees whose work is related to the pages.

The pages include one about sexually transmitted infections and gay men, another about healthy equity for people with disabilities, and additional fact sheets on asexuality and bisexuality. Some health equity advocates say removing such resources could create gaps in access to critical health information, especially for marginalized groups, and undermine efforts to promote equitable care.

The removal of “critical materials from trusted government resources endangers the health of patients and the public,” a spokesperson for the LBGT PA Caucus, a nonprofit promoting LGBTQ+ health-care equity, said in a statement.

“Stripping away resources on gender identity does not erase the need, it only erodes trust, creates confusion, and places patients at greater risk,” the spokesperson said. “Clinicians and the communities they serve rely on accessible, accurate, and inclusive guidance to deliver safe and effective care.”

The email did not provide details on why HHS directed the CDC to remove the pages or why it targeted certain topics. But the topics of some of the resources taken down are longtime targets of the Trump administration, which has issued a series of executive actions that limit transgender and nonbinary people’s rights and rolled back efforts to increase diversity, equity and inclusion. 

HHS did not immediately respond to a request for comment. The CDC directed CNBC to HHS for comment.

CDC web page on health equity for people with disabilities was online on Aug. 27, according to the Wayback Machine, but is offline as of Sept. 26.
CDC website, Wayback Machine

It’s not the first time that the administration has targeted health resources on federal agency websites.

Thousands of pages across websites for the CDC and Food and Drug Administration, among other agencies, were abruptly pulled down beginning in late January under President Donald Trump‘s executive order barring references to gender identity in federal policies and documents. In February, a federal judge ordered HHS, the CDC and FDA to temporarily restore public access to the pages while litigation moves forward. 

That same judge ruled in July that the government unlawfully ordered the mass removal of health resources from federal sites and required agencies to review and restore the affected pages. Following that ruling, the Trump administration reported to the court on Sept. 19 that most agencies have finished restoring the pages, with 185 back in compliance and only 11 CDC pages still under review, according to court documents. It is unclear how many of the pages taken down this month were at issue in the lawsuit.

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It is unclear which pages were still under review as of Sept. 19, and why the CDC took down more pages on that same day following the ruling.

Attached to the internal CDC email was a spreadsheet of more than a dozen pages that the agency said had been taken down as of Sept. 19. A separate spreadsheet compiled by agency employees and viewed by CNBC included an additional site that appears to be offline.

CNBC verified that the following pages are now offline. The digital archive site Wayback Machine also shows when they were last active. Several pages were online as recently as early September, according to Wayback Machine, but it is unclear when the CDC officially removed all of them. 

Some pages listed on the spreadsheet attached to the internal CDC email are still online. That includes a page that monitors laboratory-confirmed hospitalizations among children and adults associated with respiratory syncytial virus. 

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New digital ID will be mandatory to work in the UK, Starmer says

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Kate WhannelPolitical reporter

Digital ID will be mandatory in order to work in the UK, as part of plans to tackle illegal migration.

Sir Keir Starmer said the new digital ID scheme would make it tougher to work in the UK illegally and offer “countless benefits” to citizens, while his senior minister Darren Jones said it could be the bedrock of the modern state”.

However, opposition parties argued the proposals would not stop people crossing the Channel in small boats.

The prime minister set out his plans in a broader speech to a gathering of world leaders, in which he said it had been “too easy” for people to work illegally in the UK because the centre-left had been “squeamish” about saying things that were “clearly true”.

Addressing the Global Progressive Action Conference in London – attended by politicians including Australian Prime Minister Anthony Albanese and Canadian Prime Minister Mark Carney – Sir Keir said it was time to “look ourselves in the mirror and recognise where we’ve allowed our parties to shy away from people’s concerns”.

“It is not compassionate left-wing politics to rely on labour that exploits foreign workers and undercuts fair wages,” he said.

“The simple fact is that every nation needs to have control over its borders. We do need to know who is in our country.”

In a conversation following the speech, Sir Keir said he wanted the next election to be an “open fight” between Labour and Reform UK.

In response to the prime minister’s speech, Reform UK said the public was “waking up to the fact Starmer is just continuing the Tory legacy of high taxes and mass immigration”.

Despite having only five MPs, Nigel Farage’s Reform UK party has been leading in the opinion polls for several months.

The prime minister suggested facing the challenge of Reform would be a big focus when he addresses party members at the Labour Party conference next week.

Sir Keir’s government has been under pressure to tackle the issue of illegal migration, with more than 50,000 migrants arriving on small boats since Labour came to power.

Announcing his plans for the new digital ID scheme, Sir Keir said: “A secure border and controlled migration are reasonable demands, and this government is listening and delivering.”

“Digital ID is an enormous opportunity for the UK. It will make it tougher to work illegally in this country, making our borders more secure.

“And it will also offer ordinary citizens countless benefits, like being able to prove your identity to access key services swiftly – rather than hunting around for an old utility bill.”

Jones, who is the PM’s chief secretary, said: “If we get this digital ID system working and the public being with us, that will be the bedrock of the modern state and will allow for really quite exciting public service reform in the future.”

The government has said it wants to ensure the scheme works for those who are not able to use a smartphone and will launch a consultation on how the service will be delivered later this year.

The consultation is expected to last three months, with legislation being introduced to Parliament early next year.

There will be no requirement for individuals to carry their ID or be asked to produce it, Downing Street said.

However, digital ID will be mandatory as a means of proving right to work in the UK by the end of the Parliament, expected to be 2029 at the latest.

The new digital ID will be held on people’s phones, in a similar way to contactless payment cards or the NHS app.

It is expected to include a person’s name, date of birth, nationality or residency status and a photo.

The consultation will also consider whether additional information such as an address should be included.

Employers already have to carry out checks on prospective candidates.

Since 2022, they have been able to carry out checks on passport-holding British and Irish citizens.

There is also a Home Office online scheme which can verify the status of a non-British or Irish citizen, whose immigration status is held electronically.

However, it is understood that officials have been exploring whether a digital ID scheme could reduce the use of fake documents and provide a more consistent approach to verifying workers’ identity.

The government said the roll-out would eventually make it simpler to apply for services like driving licenses, childcare and welfare – as well as streamlining access to tax records.

Another Labour prime minister, Sir Tony Blair, tried to introduce compulsory ID cards but the idea was scrapped by the Conservative – Lib Dem coalition in 2010.

However, Sir Keir has recently said he believes the debate has “moved on in the last 20 years… we all carry a lot more digital ID now than we did”.

Labour believes its new proposal has public support, although more than a million people have signed a petition against the idea.

Conservative shadow work and pensions secretary Helen Whately said she could “see the rationale” for ID to make sure people are living in the UK legally but that her party was “opposed to mandatory, compulsory ID cards”.

She told BBC Radio 4’s Today programme the Labour government’s proposals would “make law-abiding people have to jump through more hoops and employers have more red tape, while in the grey economy illegal working will just go on”.

“That’s why it is not an answer to the problem of stopping the boats,” she added.

Liberal Democrat leader Sir Ed Davey said his party would “fight tooth and nail” against the scheme which would “add to our tax bills and bureaucracy, whilst doing next to nothing to tackle channel crossings”.

A Reform UK spokesperson said that government plans were a “cynical ploy to fool voters that something is being done about illegal immigration”.

The SNP-led Scottish government has said it is “opposed to the introduction of any card that is compulsory to have, compulsory to carry or that anyone can demand to see, including that of a digital ID”.

First Minister of Northern Ireland, Michelle O’Neill, called the proposal “ill-thought out” and “an attack on the Good Friday Agreement and on the rights of Irish citizens in the North of Ireland”.

‘Everyone hacks everything’

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BBC Newsbeat has been asking young people for their thoughts on the government’s plans.

Emlyn Jenkins, 23, is against digital IDs, describing the plan as “fascistic and horrible”.

“How will people who are homeless be affected if they don’t have access to a smartphone or they don’t have access to consistent internet?” she asked.

Arianwen Fox-James, 20, says she can see some practical benefits but is uncomfortable with the idea of a “centralised hub of all the data”.

“If the government really wanted to deal with people working illegally, they’d make the immigration process easier and they’d make it more accessible for people,” she says.

Amy, 22, says she and her friends would welcome having digital ID on a night out.

“It’s the one thing people do forget,” she says. “But if it’s on your phone, people always have it in their hand.”

But she also worries about data safety. “Every time these things get launched they get hacked,” she says. “Everyone hacks everything.

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