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 the senior debt purchase executive, Alexander Holzgreve, as Head of Acquisitions Europe, to lead European growth for the group. Invenio & PCA, the globe’s leading decedent debt specialist, together form the only dedicated buying group for deceased…

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…

William Molloy has been announced as the Central Bank’s Director of Financial Operations, effective from 1st August 2019. The Director of Financial Operations is responsible for leading the implementation of monetary policy in Ireland with direct responsibility for the investment management of the Central Bank’s financial assets. This role is pivotal in maintaining the liquidity…

Irish bank, Permanent TSB has been reprimanded and fined €21 million by regulator, Central Bank of Ireland for regulatory breaches affecting tracker mortgage customers The fine to Permanent TSB was in respect of serious failings to 2,007 tracker mortgage customer accounts which were impacted for the period between August 2004 and October 2018. PTSB has…

The Central Bank of Ireland has reprimanded and imposed a fine on Bank of Montreal Ireland for breaching a condition of its banking licence by failing to submit three operational risk returns to the Irish Central Bank, and failing to establish and maintain effective processes and internal controls to ensure compliance with this regulatory reporting…

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