Credit, Collections & Insolvency News
Latest figures from UK finance show that the mortgage market has softened following period of strong growth. The figures indicate that there were 29,400 new first-time buyer mortgages completed in the month, some 4.5 percent fewer than in the same month a year earlier. The £5.0bn of new lending in the month was the same…
Read more
A new report by research specialist Gartner says that Digitalisation will make most heritage financial firms irrelevant by 2030. These firms will struggle for relevance as global digital platforms, fintech companies and other nontraditional players gain greater market share, using technology to change the economics and business models of the industry. Speaking at Gartner Symposium/ITxpo 2018 on…
Read more
The Central Bank of Ireland has fined E-Services & Communications Credit Union (ESSCU) €155,000 and reprimanded it for a contravention of regulatory requirements contained in Section 21 of Central Bank Reform Act 2010. The contravention was admitted by E-Services and the enforcement action has been concluded by way of settlement agreement between the parties. A…
Read more
Dilosk DAC, the parent of Ireland’s mortgage lender ICS Mortgages, announced that it is to acquire an interest in a €182 million portfolio of residential mortgages which were initially originated by Leeds Building Society, who have decided to exit the Irish market. The portfolio contains Irish Private Dwelling House Mortgages which are primarily performing and…
Read more
The Financial Conduct Authority (FCA) has published two consultation papers, setting out its proposals in the event the UK leaves the European Union on 29 March 2019 without an implementation period. It also set out its approach to the regulation of Credit Ratings Agencies, Trade Repositories and Data Reporting Services Providers. The two consultation papers…
Read more
Citibank Europe has been fined €1,330,000 and reprimanded by the Central Bank of Ireland in respect of six breaches of its Code of Practice on Lending to Related Parties. The Code requires credit institutions, including banks and building societies, to have the proper systems, controls, independent oversight and regulatory reporting processes in place to support…
Read more
Irish accountancy firm Smith & Williamson has announced its merger with Dublin-based firm LHM Casey McGrath, creating a total workforce of 135 people based in its two Republic of Ireland offices. The merger positions Smith & Williamson in the top tier of accountancy and financial services businesses in Ireland. It also achieves a key strategic…
Read more
The Central Bank of Ireland has published its latest quarterly bulletin showing that household debt as a proportion of disposable income has fallen by 79.2 percentage points since its peak in Q3 2011. The latest statistics also show: Irish household debt as a proportion of disposable income fell by 9.7 percentage points over the year…
Read more
Latest Irish residential mortgage arrears & repossessions have shown that mortgage arrears have continued to fall according to latest statistics released by the Central Bank of Ireland in Q2 2018. The number of accounts in arrears over 720 days continued to fall, and Q2 2018 marked the twelfth consecutive decline. Accounts in arrears over 720…
Read more
The Central Bank of Ireland’s latest money and banking latest statistics from July 2018 indicate that loans to households for house purchase increased by €63 million on a net basis in July. The annual growth rate continues to trend upwards, rising to 0.8 per cent in July, representing the ninth consecutive month of positive growth.…
Read more
Debt Purchaser, Intrum has announced that it is reorganising its regional structure combining Spain, Portugal and its newly acquired unit in Brazil, communicated in the Interim Report 24thof July, into a new region to be called – Iberian Peninsula and Latin America. The new Intrum region takes shape based on the strong cultural, historically and…
Read more
The Central Bank of Ireland had released its latest credit and debit card statistics for Q2 2018. The figures show that the total number of debit cards in issue rose to over 5 million in June 2018, the highest number since the series began in January 2015, although approximately 685,000 of these debit cards are not…
Read more
Vasileios Madouros has been announced as the Central Bank’s Director of Financial Stability. Announcing the appointment, Deputy Governor Sharon Donnery said: “I am delighted to announce Vasileios as the Central Bank’s new Director of Financial Stability. He brings extensive experience in risk assessment, the development and implementation of macroprudential policy, and stress-testing. His technical knowledge…
Read more