Warning of global recession as World Bank downgrades forecast

The World Bank has warned that the global economy is perilously close to falling into recession, pointing to higher inflation and interest rates among the factors that could hit growth. The World Bank expects the world economy to grow by 1.7% this year, this down from the 3% it predicted in June.  Growth of 1.7%…

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UK economy predicted to experience deepest recession amongst large economies

The UK economy is forecast to fall into a recession in 2023, driven by tighter financing conditions, further increases in energy bills and weak consumer confidence, before finding a weak recovery in 2024, according to Allianz Trade.  It is predicted that in 2023, the UK economy will shrink by -0.9%, compared to just -0.3% for…

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Bank of Ireland fined €100.5m for mortgage overcharging

30th September 2022 Credit and Collections |

Bank of Ireland has been fined a record €100.5m by Ireland’s Central Bank for overcharging customers denied mortgages that track base rates. The Central Bank determined the appropriate fine to be €143.6 million,1which was reduced by 30% to €100.5 million in accordance with the settlement discount scheme provided for in the Central Bank’s ASP.2 The…

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CSA CEO appointed to FENCA board

27th June 2022 Appointments |

Chris Leslie, Chief Executive of the Credit Services Association (CSA), the UK trade body for debt collection and debt purchase, has been elected to the board of the Federation of European National Collections Association (FENCA) today at the Associations Annual General Meeting (AGM) in Berlin. FENCA represents the interests of the European credit management, debt…

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Arrow Ireland appoints new Director of Asset Management

European investor and alternative asset manager in credit and real estate, Arrow Global has announced the appointment of Seamus Corbett as Director of Asset Management to its Dublin-headquartered Mars Capital Finance. Corbett has over 20 years of experience in Banking and Servicing in Ireland, joining Mars from BCM Global where he held a similar senior…

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4,500 Irish companies saved from going bust during pandemic

Irish Government pandemic support has saved at least 4,500 Irish companies from going bust according to research by PwC.  The figures represent an average of 50 companies saved every week during the pandemic. PwC examined 18,000 business failures over the past 17 years and measured the correlation between key economic indicators and other trends with…

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Irish rural, low-income households experiencing larger cost of living increases from higher inflation

The Central Bank of Ireland has published an Economic Letter, “Household Characteristics, Irish inflation, and the cost of living”, authored by Reamonn Lydon. The Letter presents data on how inflation levels differ across household types and outlines a number of findings of relevance to policymakers. Current Central Bank inflation projections indicate that inflation will average…

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Arrow Ireland appoints Chief Operating Officer and Head of Internal Audit

23rd February 2022 Appointments | #appointments

European investor and alternative asset manager in credit and real estate Arrow Global has announced the appointment of Fiona O’Sullivan, Head of Internal Audit, and Martin Dowdall, Chief Operating Officer, to Dublin-headquartered Mars Capital Finance. Joining Mars Capital’s Irish senior leadership team, O’Sullivan brings over 10 years’ experience as a Chartered Accountant across Practice, External…

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Almost two-thirds of Irish SMEs find it difficult to access credit

Almost two-thirds (63%) of Irish SMEs are finding it difficult to access credit, creating a barrier to economic recovery according to figures from the latest quarterly Linked Finance SME Confidence Index, based on research conducted by Behaviours & Attitudes. Even with increased support for Irish SME businesses throughout the pandemic via payment breaks and loan…

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Irish debt judgments against consumers fall by 2%

20th January 2022 Credit and Collections | #ireland

The number of judgments registered against Irish consumers saw a small fall in 2021 compared to 2020, figures released by registrar Irish Judgments show. The number of judgments registered against Irish consumers in 2021 was 912, a fall of two percent on the 930 seen in 2020. However, the total value of consumer judgments registered…

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Consumers expect to take on additional debt over Christmas period

20th December 2021 Arrears and Recoveries | #debt

One in four consumers expects to take on additional debt at Christmas, according to Intrum’s annual consumer report conducted in 24 European countries. Although households with families are more likely to take on debt to pay for food and presents than the average consumer, the age group being most likely to do so is Generation…

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Credit & Collections Technology Awards announces 2021 winners

5th November 2021 Arrears and Recoveries | #innovation

The winners of the 2021 Credit & Collection Technology Awards have been announced following a live in-person event yesterday (Thursday 4th November) at the Midland Hotel in Manchester. The awards are the flagship event for innovational technological professionals working in credit and collections and the fifth annual event honoured the UK’s technological innovators, celebrating outstanding…

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Judgments against Irish businesses rise significantly

The number and total value of judgments registered against  Irish businesses rose significantly in the last quarter according to new analysis by The registrar Irish Judgments. The number of judgments registered was up by three quarters, from 78 in Q3 2020 to 137 in Q3 2021. The total value owed in Q3 2021 was €3.7…

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