Credit, Collections & Insolvency News
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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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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SMEs are least likely to invest in their businesses during the remainder of 2019 according to the latest Global Business Monitor from Bibby Financial Services (BFS) and trade credit insurer, Euler Hermes. The report offers insight into the opportunities and threats faced by SMEs worldwide, based on a survey of businesses across 13 regions, with…
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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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One third (33%) of UK businesses are concerned about the potential impact Brexit will have on their suppliers and customers, according to new research from R3, the insolvency and restructuring body. The research, a survey of 1,200 senior business financial decision-makers, carried out for R3 by BVA BDRC, found that 11% of businesses have reviewed…
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Small firms are calling on the Government to secure a Brexit deal and come forward with radical policy interventions to arrest a dogged lack of confidence among business owners as new FSB research shows rising costs and uncertainty increasingly taking their toll.Its SBI confidence measure stands at -8.1 in Q3 2019, down more than six…
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