Credit, Collections & Insolvency News
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 SMEs drew down €1.4 billion in loans from Irish banks over Q2 2019, an increase of €147 million on the same period of 2018. SMEs in the property sector accounted for the largest share of new drawdowns at 36 per cent, followed by SMEs in the wholesale/retail trade and agricultural sectors; accounting for 12…
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Euler Hermes has published its third edition of its Enabling Digitalization Index (EDI), which analyses a country’s ability to provide an environment where companies can digitally transform successfully. The score is based on 5 components: regulation, knowledge, connectivity, infrastructure and size. The United States (U.S.) topped the list with a score of 87 out of…
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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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Across nine UK regions, more than one in five small business owners (22%) are looking to expand into new markets overseas in order to achieve business growth. The latest findings from the quarterly Business Barometer research by Hitachi Capital Business Finance comes at a time when the country is gearing up for the Brexit deadline. Set against…
Read moreBank 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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Corporate insolvencies are on the rise globally due to the more challenging economic environment and high policy uncertainty according to a new report by Atradius. The report says business failures in developed markets are forecast to increase 2.8% in 2019 – the first annual increase in a decade – followed by another 1.2% increase in 2020.…
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Dun & Bradstreet’s latest UK Industry report has revealed that retailers continued to face a challenging business environment throughout the first half of the year. Between falling year-on-year sales, as reported by both the BRC and ONS, and a growing number of vacant stores, retailers are feeling the brunt of consumer uncertainty, particularly surrounding the…
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UK businesses trade all year round yet more than a quarter (27.4% or £548b) of their revenue is driven by seasonal peaks according to the latest research by MarketInvoice Business Insights, the survey explores their preparedness and challenges in dealing with seasonal demand. Seasonal demand refers to peaks in business activity that correspond to various factors…
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The Financial Conduct Authority (FCA) has confirmed it intends to extend the proposed duration of the directions issued under the temporary transitional power to the 31st December 2020. This is to reflect the extension of Article 50. Other than the additional time the FCA’s approach remains unchanged. The temporary transitional power is intended to minimise…
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