Irish regular, The Central Bank of Ireland has published new regulations to strengthen protections for consumers of licensed moneylending services and to enhance professional standards in the sector. Moneylenders will be required to include prominent, high-cost warnings in all advertisements for moneylending loans with an Annual Percentage Rate (APR) over 23 per cent. The warning…

The Covid-19 crisis has reduced financial wellbeing in the UK and consumers expect a further decline in the next six months, according to a European survey by credit management group Intrum. Despite this, some UK consumers have experienced a positive effect on their spending. The whitepaper outlines the financial impact of Covid-19 on private households…

Latest figures from the Registry Trust indicated that the total number of consumer debt judgments in Ireland dropped five percent in Q1 (January-March) when compared to Q1 2019. The total value of registered debt owed by consumers in Q1 2020 was €25,947,064, compared to €28,440,399 in Q1 2019, a fall of nine percent. The average…

Ireland’s five retail banks may extend loan repayment breaks to help homeowners cope with the impact of the coronavirus to six months from the three months currently in place, the head of their representative body said on Wednesday. The banks agreed the measure in mid-March and had granted or were close to completing 45,000 mortgage…

The Central Bank of Ireland has published its second Quarterly Bulletin of 2020, which focuses entirely on the impact of the Covid-19 pandemic. In terms of its impact on the economy, Covid-19 has triggered a severe economic shock that is fundamentally different in nature and scope from types of shocks previously witnessed. For the Irish…

The outlook for the debt purchase market remains positive, despite there being a temporary pause in the supply of debt portfolios according to d bt resolution specialist, Hoist Finance. Chief Executive Officer Klaus-Anders Nysteen says he anticipates that banks will continue to divest portfolios and will do so at an earlier stage than historically.  “The…

Debt resolution specialist, Hoist Finance has announced its new sustainability strategy, which outlines the company’s Environmental, Social and Governance (ESG) goals and indicators.  Through a bottom-up process, integrating feedback and insight from employees throughout the whole organisation, Hoist Finance developed a sustainability strategy focused on four core pillars: contributing to an inclusive financial ecosystem, creating…

The Central Bank of Ireland has announced further measures in order to support the economy, firms and households through the economic shock arising from COVID-19. The Central Bank says it has decided to release a capital buffer that banks are required to hold in order support the continued provision of credit to households and businesses,…

A new study has found that 33% of renters in the private sector, who are in debt, are now overburdened by debt repayment and nearly 28% face utility arrears.The study, from TASC (Think Tank for Action on Social Change), also reveals that only 40% of renters are able to save income on a regular basis.…

The Central Bank of Ireland has reprimanded and fined Ulster Bank (Ireland) DAC €4.6 million for governance failings relating to regulatory returns that were required under the Mortgage Arrears Resolution Targets (MART) Framework. The firm has admitted to these breaches, which took place from 2013 until 2015. The Central Bank determined that the appropriate fine…

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