Credit, Collections & Insolvency News
Irish Credit unions have been accused by the Central Bank of issuing loans without assessing if members are able to repay the borrowings. A new Central Bank report found “a concerning number of governance and operational risks still need to be addressed”. Since 2012, close to 700 on-site engagements took place in credit unions. The…
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Irish regulator, The Competition and Consumer Protection Commission (CCPC) has published a detailed report analysing the Personal Contract Plan (PCP) car finance market. Prompted by the growing popularity of this type of finance, the large sums of money involved and the complexity of the agreements, the CCPC began a study of the market in July…
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Ireland’s Central Bank has released its latest credit and debit card statistics from Q4 2017. Here is an overview of the statistics: Debit card Point of Sale (PoS) transactions in December 2017 were €3.6 billion, 15 percent higher than the same month in 2016. Debit card PoS transactions accounted for 57 percent of gross new…
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The number of debt judgments recorded in the Four Courts of Ireland fell to a historic low during 2017, according to figures released today by Registry Trust. There were 2,157 judgments registered against consumers in 2017, two percent fewer than the previous year and a record low. The mean average consumer judgment’s value fell 11…
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The Central Bank of Ireland’s Director General, Financial Conduct today set out her priorities for the recently created financial conduct pillar of the Central Bank. Speaking in UCD, Derville Rowland highlighted the vital importance of trust and confidence in financial services and the system of regulation, and added that the accountability of senior personnel in…
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Irish Credit unions need to invest in new technologies in order to compete with challenging new entrants to the market, according to the Central Bank. Speaking at thethe annual conference of the Credit Union Development Association. Patrick Casey, the regulator’s registrar of credit union said “Today, the traditional business models of all financial institutions are…
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The Irish Central Bank has announced three appointments at Director level in its Financial Conduct pillar. The Directors will report to Director General, Financial Conduct, Derville Rowland. The financial conduct pillar was established following a restructuring of financial regulation in 2017. Gráinne McEvoy has been appointed to the role of Director of Consumer Protection. Prior…
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Ireland’s National Treasury Management Agency (NTMA) has announced that is planning three debt auctions in the first quarter of this year. Following the sale of €4 billion of bonds last Week the NTMA announced plans for two bond auctions and one treasury bill auction to take place in February and March. The bonds sold on Wednesday will…
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Ireland’s Central Bank has sold a further €500 million tranche of debt connected with the collapse of Anglo Irish Bank. The latest transaction brings to €9.5 billion the amount of legacy debt bought from the bank by the National Treasury Management Agency (NTMA). Following the purchase, €15.53 billion of debt associated with the failure of Anglo Irish Bank remains with…
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The number of Irish homeowners in arrears for more than 90 days inched lower to 7 percent in the third quarter from 7.1 percent three months earlier, according to latest figures from the Central Bank data showed on Thursday, confirming a pattern of moderating declines. Arrears began falling sharply from a peak of 12.9 percent…
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The Central Bank of Ireland has today published its second edition of the 2017 Macro-Financial Review (MFR), which provides an overview of the current state of the macro-financial environment in Ireland. Despite a global economic recovery that continues to strengthen, the Review highlights a range of risks to the Irish economy and financial system. The…
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The Central Bank of Ireland has fined Intesa Sanpaolo €1,000,000 and reprimanded it for four breaches of the Criminal Justice (Money Laundering & Terrorist Financing) Act, 2010 (the ‘CJA 2010’). Intesa admits the four breaches. The Central Bank’s enforcement investigation identified significant failures in Intesa’s controls, policies and procedures in respect of anti-money laundering and…
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BDO, liquidators of Irish Charleville Credit Union have put its premises and loan book up for sale, with half a dozen credit unions already eager to acquire the loans. The loan book is said to have a gross value of €14million. However, it is understood that only around €8m worth of loans are performing. Charleville…
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