The Fifth EU Money Laundering Directive (5MLD) is due to be transposed into domestic law today The Directive also specifically endorses the use of electronic ID verification, and states that it should be used wherever available. The new directive places an increased importance on the acceptable use of electronic verification methods in confirming identity, without…

The House of Commons has approved the EU Withdrawal Agreement Bill at second reading. Commenting on the approval Chief Executive of UK Finance Stephen Jones said “This vote takes us one step closer to an exit from the EU but is only the beginning of what is required to restore the predictable legal and economic…

Arrow Global Group has announced has raised €838 million for inaugural pan-European NPL (Non-Performing Loans) fund. Arrow says raising the Fund is a major achievement in the development of the company’s fund management capabilities and is central to the Group’s strategy to accelerate towards a more capital-light model. Lee Rochford, Group Chief Executive Officer of…

The Central Bank of Ireland has today published a Financial Stability note written by Jane Kelly and Elena Mazza, which uses Irish microdata to show that since 2008. The note says that the resilience of borrowers has improved, in terms of monthly serviceability of mortgage relative to income (MSTI). The purpose of the note is…

Financial stress among European consumers is rising with almost half (45%) say their bills are rising at a faster rate than their income, thus negatively affecting their general wellbeing according to Intrum’s latest edition of its European Consumer Payment Report. The report says that borrowing culture is on the rise. An increasing number (24%) have…

The Central Bank of Ireland has published a new guide to sanctions imposed under the Administrative Sanctions Procedure (ASP) for the financial services sector. This ASP Sanctions Guidance increases transparency by providing greater clarity on the Central Bank’s general approach to sanctioning of firms and individuals. It provides guidance on the application of a variety…

Mortgage arrears remain one of the most important issues in Ireland according to the Irish Central Bank, Deputy Governor, Ed Sibley. Speaking at the MABS Conference, ‘Money Advice and Budgeting – 2020 and Beyond’, Sibley praised the work of MABS and outlined how the Central Bank’s different responsibilities connect to build financial resilience and how…

Irish credit union, Savvi has been fined €185,500 by the Central Bank of Ireland for failure to comply with the requirements for long-term lending and the restriction on paying remuneration to directors The Central Bank determined that the appropriate fine was €265,000, which was reduced by 30% in accordance with the settlement discount scheme provided…

Irish mortgage lenders can no longer impose legal fees and other charges on borrowers in arrears who are co-operating with their bank to resolve the issue. Irish regulator, the Central Bank has written to all the main Irish lenders, reminding them of their obligation not to impose charges on borrowers ahead of a decision by…

1 2 3 14