Credit, Collections & Insolvency News
Mortgage arrears remain one of the most important issues in Ireland according to the Irish Central Bank, Deputy Governor, Ed Sibley. Speaking at the MABS Conference, ‘Money Advice and Budgeting – 2020 and Beyond’, Sibley praised the work of MABS and outlined how the Central Bank’s different responsibilities connect to build financial resilience and how…
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Irish credit union, Savvi has been fined €185,500 by the Central Bank of Ireland for failure to comply with the requirements for long-term lending and the restriction on paying remuneration to directors The Central Bank determined that the appropriate fine was €265,000, which was reduced by 30% in accordance with the settlement discount scheme provided…
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Irish mortgage lenders can no longer impose legal fees and other charges on borrowers in arrears who are co-operating with their bank to resolve the issue. Irish regulator, the Central Bank has written to all the main Irish lenders, reminding them of their obligation not to impose charges on borrowers ahead of a decision by…
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Some of the largest credit unions in Ireland have come together under the currentaccount.ie brand, to roll-out a new full-service current account for its credit union members. Credit Union members will be able to open an account online or in the Credit Union Offices. Over the coming weeks, 30 Credit Unions, with 115 Branches nationwide…
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The Irish Central Bank has published its Household Credit Market Report for 2019 as well as data and commentary on new mortgage lending under the mortgage measures during the first half of 2019. The report has found that Household debt-to-disposable-income (DTI) continued to decline, but remains the fifth highest in the EU. Household debt stood…
Read moreIreland’s regulator, The Central Bank has proposed reforms to financial services regulations, including a new Senior Executive Accountability Regime (SEAR) to ensure clearer accountability. The Central Bank considers these proposed reforms to be necessary enhancements to its supervisory and enforcement toolkit. Speaking at the Matheson Conference on Culture and Governance in Financial Services in UCD,…
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The Irish arm of Ulster Bank has agreed to sell €800 million of mortgage, to US distressed debt specialist CarVal Investors. Pepper Finance Corporation (Ireland) DAC will become the legal owner and Servicer of the mortgages, the bank has said in a statement. The portfolio includes 2,800 owner-occupier loans with a face value of €715…
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With 30 days until the October 31 Brexit deadline, the number of Brits saying they have put off a big financial decision has risen to one in five (19 per cent) – equal to ten million people. The major outgoings currently on ice for one in five people include booking a holiday (38 per cent…
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Ireland’ regulator the Central Bank has published a Prohibition Notice prohibiting Home Credit Ireland Executive Director Michael Kearns from performing any controlled function in all regulated financial service providers for a period of two years. Home Credit Ireland is authorised as a Moneylender under the Consumer Credit Act 1995 (as amended). Kearns failed to properly…
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The Financial Conduct Authority (FCA) has updated and published draft directions under its Temporary Transitional Power (TTP). The TTP gives the FCA flexibility in applying post-Brexit requirements, allowing firms to transition to a new UK regulatory framework. The directions would only come into effect on exit day if the UK leaves the EU without an…
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Irish bank Permanent TSB has announced that it is selling 1,932 home loans that have fallen into arrears to Start Mortgages. Star Mortgages are part of US vulture fund Lone Star. The deal is thought to be worth €264 million, slightly more than half the €506 million that the borrowers owe. Permanent TSB Chief Executive,…
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In a speech at the Dublin Economics Workshop, Sharon Donnery, Deputy Governor of the Central Bank of Ireland, has said that while the Irish economy greatly benefits from being one of the most open in the world for trade and finance, this comes with vulnerabilities beyond our control. In the speech she said that the…
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Bank of Ireland has sold a block of €250 million non-performing loans (NPL) to US fund Cerberus Capital Managemen at 40% discount to face value. The bank will collect a net interest of about €3 million annually from the loans, which it will no longer receive after it sells on the portfolio. The deal will,…
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