Credit, Collections & Insolvency News
The Financial Conduct Authority (FCA) has updated its rules ahead of the Brexit transition period coming to an end. While the new rules will apply from January 2021. The FCA has said it will temporarily waive some of the rules, meaning businesses can continue to comply with existing requirements for a limited period – although…
Read more
KBC Bank Ireland has been reprimanded and fined €18,314,000 by the Central Bank of Ireland for regulatory breaches affecting tracker mortgage customer accounts. The Irish regulator has imposed a fine at the highest end of its sanctioning powers, reflecting the gravity with which the Central Bank views KBC’s failures. The impact of KBC’s failings on…
Read moreThe Financial Conduct Authority (FCA) has launched a consultation on its approach to the authorisation and supervision of international firms operating in the UK. The consultation is relevant to European Economic Area (EEA) firms that intend to seek authorisation in the UK in the future, including those entering the Temporary Permissions Regime, as well as…
Read more
The Central Bank of Ireland published a Research Technical Paper (RTP) written by David Horan, Reamonn Lydon and Tara McIndoe-Calder, entitled “Household wealth: what is it, who has it, and why it matters”. The RTP presents the results from Household Finance and Consumption Survey (HFCS) 2018, including key developments since the last survey, in 2013.…
Read more
The Central Bank of Ireland has published two Financial Stability Notes (FSN). Both of the FSNs show that COVID-19 payment breaks provided valuable cash flow relief to households and businesses across Ireland in the wake of the pandemic. The first FSN, written by Edward Gaffney and Darren Greaney, entitled “COVID-19 payment breaks on residential mortgages”,…
Read more
The number and total value of judgments registered against Irish consumers fell sharply in the first half of 2020 compared to the same period last year, figures released today by registrar Irish Judgments show. The number of judgments against consumers fell by 45 percent, from 1,160 to 632, while the total value fell by 62…
Read more
Irish regular, The Central Bank of Ireland has published new regulations to strengthen protections for consumers of licensed moneylending services and to enhance professional standards in the sector. Moneylenders will be required to include prominent, high-cost warnings in all advertisements for moneylending loans with an Annual Percentage Rate (APR) over 23 per cent. The warning…
Read more
The Covid-19 crisis has reduced financial wellbeing in the UK and consumers expect a further decline in the next six months, according to a European survey by credit management group Intrum. Despite this, some UK consumers have experienced a positive effect on their spending. The whitepaper outlines the financial impact of Covid-19 on private households…
Read more
Latest figures from the Registry Trust indicated that the total number of consumer debt judgments in Ireland dropped five percent in Q1 (January-March) when compared to Q1 2019. The total value of registered debt owed by consumers in Q1 2020 was €25,947,064, compared to €28,440,399 in Q1 2019, a fall of nine percent. The average…
Read moreIreland’s five retail banks may extend loan repayment breaks to help homeowners cope with the impact of the coronavirus to six months from the three months currently in place, the head of their representative body said on Wednesday. The banks agreed the measure in mid-March and had granted or were close to completing 45,000 mortgage…
Read more
The Central Bank of Ireland has published its second Quarterly Bulletin of 2020, which focuses entirely on the impact of the Covid-19 pandemic. In terms of its impact on the economy, Covid-19 has triggered a severe economic shock that is fundamentally different in nature and scope from types of shocks previously witnessed. For the Irish…
Read more
The outlook for the debt purchase market remains positive, despite there being a temporary pause in the supply of debt portfolios according to d bt resolution specialist, Hoist Finance. Chief Executive Officer Klaus-Anders Nysteen says he anticipates that banks will continue to divest portfolios and will do so at an earlier stage than historically. “The…
Read more
Debt resolution specialist, Hoist Finance has announced its new sustainability strategy, which outlines the company’s Environmental, Social and Governance (ESG) goals and indicators. Through a bottom-up process, integrating feedback and insight from employees throughout the whole organisation, Hoist Finance developed a sustainability strategy focused on four core pillars: contributing to an inclusive financial ecosystem, creating…
Read more