Credit, Collections & Insolvency News
Arrow Global Group has announced has raised €838 million for inaugural pan-European NPL (Non-Performing Loans) fund. Arrow says raising the Fund is a major achievement in the development of the company’s fund management capabilities and is central to the Group’s strategy to accelerate towards a more capital-light model. Lee Rochford, Group Chief Executive Officer of…
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Major insolvencies have rebounded as retail and construction accounted for more than a quarter of the world’s large corporate failures in Q3 2019, according to trade credit insurance provider, Euler Hermes. The insurer’s findings on global corporate insolvencies with turnover exceeding €50 million show there was an increase between July and September from 74 to…
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More companies across England and Wales are opting for voluntary rather than compulsory liquidation because of rising Government costs, an insolvency expert has said. The Insolvency Service’s report, published by the Government, showed company insolvencies increased slightly in Q3 2019 compared with Q2 2019. According to the report, the increase was primarily driven by a rise…
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Bank lending to small and medium sized (SME) retailers in the UK has fallen 6% from £15.6 billion to £14.7 billion since the Brexit vote in 2016, meanwhile large retailers have benefited from a sharp rise in bank lending, says accountants and business advisors, Moore. Over the same period that lending to SME retailers has…
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The Central Bank of Ireland has today published a Financial Stability note written by Jane Kelly and Elena Mazza, which uses Irish microdata to show that since 2008. The note says that the resilience of borrowers has improved, in terms of monthly serviceability of mortgage relative to income (MSTI). The purpose of the note is…
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Financial stress among European consumers is rising with almost half (45%) say their bills are rising at a faster rate than their income, thus negatively affecting their general wellbeing according to Intrum’s latest edition of its European Consumer Payment Report. The report says that borrowing culture is on the rise. An increasing number (24%) have…
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Over half (54%) of the UK’s SMEs, equating to 3.1 million businesses, admit they had not prepared in any way for Brexit ahead of the 31 October deadline according to the latest Q3 SME Confidence Tracker from Bibby Financial Services. Fewer SMEs are investing and the amount they are investing on average has also fallen.…
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Over a third (36%) of Europe’s CFOs feel more pessimistic about their companies’ financial prospects than they did three months ago, according to Deloitte European CFO Survey. This percentage has doubled since the first survey in spring 2015, when the figure stood at 18%. Fewer than one in five CFOs (18%) consider now to be…
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The Central Bank of Ireland has published a new guide to sanctions imposed under the Administrative Sanctions Procedure (ASP) for the financial services sector. This ASP Sanctions Guidance increases transparency by providing greater clarity on the Central Bank’s general approach to sanctioning of firms and individuals. It provides guidance on the application of a variety…
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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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