Fewer debt judgments were recorded in the Four Courts during the first three months of 2017 than in any other first quarter on record, according to figures released today by Registry Trust. There were 535 judgments registered against consumers in Q1 2017, three percent fewer than the same period last year. It marks the fourth consecutive year of decreases and is the lowest figure recorded for a first quarter since 2008. The average value of a consumer judgment dropped by 45 percent to €78,447, bringing the total down 47 percent to €42m.
The number of business judgments fell by almost half to 156 during the first quarter of 2017, the lowest first quarter since 2008. The total value also dropped sharply, falling 78 percent to €5.7m. The average business judgment accordingly fell 58 percent to €36,498, bucking the trend of increases during the preceding four years.
While the total number of judgments decreased for both incorporated and the generally smaller non-incorporated businesses, the total value of corporate judgments increased as it fell for non-corporates. The average corporate judgment was worth €48,568, whereas a non-corporate judgment was €5,776 on average.
The figures are based only on judgments registered at the request and cost of creditors at the Four Courts in Dublin and therefore provide only a partial picture of unmanaged debt judgments in the country. By comparison, in the much smaller economy of Northern Ireland, where judgments from all courts are registered, there were 1,970 judgments in Q1 2017.
“If we scaled up the Northern Ireland figures, we would expect over 5,000 judgments this quarter. As a rough estimate, therefore, there might well be some 4,500 unregistered judgments in courts around the country,” said Registry Trust chairman Malcolm Hurlston. “This mass of missing judgments represents a serious risk to credit unions and other lenders – and most of all their customers.”
Judgments against consumers Q1 2017 (compared with Q1 2016)
- Total: 535 (down three percent)
- Value: €42m (down 47 percent)
- Average: €78,447 (down 45 percent)
Judgments against businesses Q1 2017
- Total: 156 (down 47 percent)
- Value: €5.7m (down 78 percent)
- Average: €36,498 (down 58 percent)
