Credit, Collections & Insolvency News
The Central Bank of Ireland has published a consultation paper on the investment framework for credit unions. Under existing regulations, credit unions can invest in a range of specified investment classes. These include government securities, bank deposits, bank bonds and collective investment schemes made up of these instruments. These are subject to specified maturity and…
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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…
Read moreThe Central Bank of Ireland today publishes its Annual Report for 2016, which contains the Statement of Accounts, and the Annual Performance Statement for Financial Regulation. In line with the mandate to safeguard stability and protect consumers, the Annual Report provides an overview on key activities and developments in 2016 and the Annual Performance Statement…
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A total of 196,909 court fines imposed since 2011 in Ireland, worth a total of €48.5 million, remain unpaid. The latest figures from the Courts Service of Ireland show that the rate of evasion is increasing, with €16.5 million overdue at the end of 2017 compared to €7.5 million in 2011. Jim O’Callaghan, justice spokesperson…
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The Central Bank of Ireland has fined Allied Irish Banks,(‘AIB’) €2,275,000 and reprimanded it for six breaches of the Criminal Justice (Money Laundering & Terrorist Financing) Act, 2010. All six breaches have been admitted by AIB. The Central Bank identified six breaches of the CJA 2010 as a result of significant failures in AIB’s anti‐money…
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With the implementation date just over a year away, there is still a lot of conjecture surrounding the impending General Data Protection Regulation (GDPR), particularly around its appropriateness and applicability once the UK leaves the EU. One thing that is clear, however, is that now is the time for any firm handling personal data to…
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The Central Bank of Ireland has announced the appointment of Bernard Sheridan, as Acting Deputy Governor (Financial Regulation) with effect from 8 April 2017. This interim appointment follows the resignation of Deputy Governor (Financial Regulation) Cyril Roux, who gave notice of his resignation on 28 February last. During this interim period, Bernard Sheridan will take…
Read moreThe Central Bank of Ireland has released Ireland’s Money and Banking Statistics for February 2017. Here is an overview of the main findings. Irish residents’ draw-downs of non-housing loans were €162 million higher than repayments over the year to February 2017. This compares with net repayments of €614 million in the year to February 2016. The…
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Irish Legal rights group FLAC (Free Legal Advice Centres) has raised concerns over mortgage arrears figures released by the Central Bank of Ireland’s latest statistics on Residential Mortgage Arrears and Repossessions from Quarter 4 in 2016. The group said the data confirms that worrying trends continue where family homes are in mortgage arrears. Over 5,000…
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The European Central Bank (ECB) has urged Banks to implement realistic and ambitious strategies to address Non Performing Loans (NPL) reductions. European banking reforms should include a range of policy options such as non-performing loan workout, servicing and portfolio sales, the ECB said in a report statement. In its final guidance on non-performing loans, the…
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European Union banks may face increasing risks from bad loans totalling 1 trillion euros (902.8 billion pounds) when the European Central Bank cuts back its economic stimulus programme according to Reuters. Banks have been saddled with more so-called non-performing loans (NPLs) following the 2008 global financial crisis, as companies and households have struggled to pay…
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The Central Bank of Ireland has fined Drimnagh Credit Union €125,000 and reprimanded it for two breaches of the Credit Union Act 1997 (the “CUA 1997”) and five breaches of the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (the “CJA 2010”). All seven breaches have been admitted by Drimnagh Credit Union. The breaches…
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Permanent TSB Group has confirmed the appointment of Robert Elliott as the next Chairman of the Group with effect from 31 March 2017. Elliott retired recently as Chairman and Senior Partner Linklaters LLP. Jeremy Masding, Group Chief Executive of Permanent TSB, said that the Group was delighted that Mr. Elliott would be the next Chairman; “Robert is…
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