In a speech at the Dublin Economics Workshop, Sharon Donnery, Deputy Governor of the Central Bank of Ireland, has said that while the Irish economy greatly benefits from being one of the most open in the world for trade and finance, this comes with vulnerabilities beyond our control. In the speech she said that the…

Bank of Ireland has sold a block of €250 million non-performing loans (NPL) to US fund Cerberus Capital Managemen at 40% discount to face value. The bank will collect a net interest of about €3 million annually from the loans, which it will no longer receive after it sells on the portfolio. The deal will,…

The Financial Conduct Authority (FCA) has confirmed it intends to extend the proposed duration of the directions issued under the temporary transitional power to the 31st December 2020.  This is to reflect the extension of Article 50.  Other than the additional time the FCA’s approach remains unchanged. The temporary transitional power is intended to minimise…

The Irish Central Bank has published the final report of the Tracker Mortgage Examination, showing that at the end of May 2019, lenders have paid out €683 million in redress and compensation to customers affected by their failings. In all, 40,100 customers have been affected. The Central Bank says following extensive and robust supervisory challenge…

There were 1,160 judgments registered against consumers in Ireland during the first half of 2019 according to the latest figures released by Registry Trust. This is a 25 percent leap in the number of judgments, compared to the same period of the previous year which, at 930, was the lowest first half-year figure on record.…

Invenio Financial the debt purchasing subsidiary of Phillips & Cohen Associates (PCA) has announced that it has appointed a senior debt purchase executive. Alexander Holzgreve joins as Head of Acquisitions Europe to lead European growth for the group. Holzgreve, an innovative industry leader, brings with him over 20 years’ experience across multiple countries and credit…

The Bank of England has said the lenders could withstand the worst case no-deal Brexit and a full-scale global trade war, but warned “material risks of economic disruption” remain from a cliff-edge EU withdrawal. In the latest report from the Financial Policy Committee (FPC), the Bank said it had assessed lenders against a doomsday no-deal…

Wells Fargo Bank International (WFBI)  has been reprimanded and fined €5,880,000 by the Central Bank of Ireland for regulatory reporting breaches and related governance failings. The company has admitted five breaches.  The breaches varied in duration from 1 January 2014 to 28 February 2019.  The breaches include failure to accurately report the Firm’s capital position…

A new study across 11 markets commissioned by Mastercard has revealed that six out of seven people use digital banking solutions at least once a month, 38 per cent do so on a weekly or even daily basis. 63% use mobile banking apps from traditional banks and one in five (20%) already from digital-only banks.…

According to a new survey, half of European businesses believe their country will be cashless within ten years. The coming European Payment Report 2019 by European credit management services company Intrum, shows that a quarter of all businesses believe their country will abandon cash within five years, while another quarter believes it will happen in…

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