Credit, Collections & Insolvency News
The Central Bank of Ireland has announced the appointment of Bernard Sheridan, as Acting Deputy Governor (Financial Regulation) with effect from 8 April 2017. This interim appointment follows the resignation of Deputy Governor (Financial Regulation) Cyril Roux, who gave notice of his resignation on 28 February last. During this interim period, Bernard Sheridan will take…
Read moreThe Central Bank of Ireland has released Ireland’s Money and Banking Statistics for February 2017. Here is an overview of the main findings. Irish residents’ draw-downs of non-housing loans were €162 million higher than repayments over the year to February 2017. This compares with net repayments of €614 million in the year to February 2016. The…
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Irish Legal rights group FLAC (Free Legal Advice Centres) has raised concerns over mortgage arrears figures released by the Central Bank of Ireland’s latest statistics on Residential Mortgage Arrears and Repossessions from Quarter 4 in 2016. The group said the data confirms that worrying trends continue where family homes are in mortgage arrears. Over 5,000…
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The European Central Bank (ECB) has urged Banks to implement realistic and ambitious strategies to address Non Performing Loans (NPL) reductions. European banking reforms should include a range of policy options such as non-performing loan workout, servicing and portfolio sales, the ECB said in a report statement. In its final guidance on non-performing loans, the…
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European Union banks may face increasing risks from bad loans totalling 1 trillion euros (902.8 billion pounds) when the European Central Bank cuts back its economic stimulus programme according to Reuters. Banks have been saddled with more so-called non-performing loans (NPLs) following the 2008 global financial crisis, as companies and households have struggled to pay…
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The Central Bank of Ireland has fined Drimnagh Credit Union €125,000 and reprimanded it for two breaches of the Credit Union Act 1997 (the “CUA 1997”) and five breaches of the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (the “CJA 2010”). All seven breaches have been admitted by Drimnagh Credit Union. The breaches…
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Permanent TSB Group has confirmed the appointment of Robert Elliott as the next Chairman of the Group with effect from 31 March 2017. Elliott retired recently as Chairman and Senior Partner Linklaters LLP. Jeremy Masding, Group Chief Executive of Permanent TSB, said that the Group was delighted that Mr. Elliott would be the next Chairman; “Robert is…
Read moreEamonn Crowley has been named as Permanent TSB Group’s new Chief Financial Officer. Crowley is currently the Chief Financial Officer at Bank Zachodni WBK SA, Banco Santander’s publicly listed Polish retail and commercial bank. While at Bank Zachodni, Eamonn executed the merger between the bank and Kredyt Bank to form Poland’s number three bank. Jeremy Masding, group Chief…
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The number of debt judgments recorded in Ireland’s Four Courts fell to a historic low during 2016, according to figures released today by Registry Trust. There were 2,155 judgments registered against consumers in 2016, 38 percent fewer than the previous year and a record low. The total value of consumer debt judgments similarly fell to…
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Irish bank KBC has sold loans to credit-servicing and debt-collection firm Cabot Financial Ireland. The sale of the KBC portfolio is understood to involve more than 100 loans – most of which related to buy-to-let properties that have been sold – with money is still owned on the original mortgages. The sale comes weeks before…
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The number of bankruptcies in Ireland increased last year, according to the Insolvency Service of Ireland (ISI)’s latest annual report. According to the report, there were 479 bankruptcies in 2015 – up seven per cent from 448 in 2014. There was also a massive increase in the number of people who were returned to solvency…
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Irish bank Permanent tsb has announced their intentions to focus on new controls within their contact centre and provide enhanced customer service with Noble System’s Composer Real-Time Speech Analytics. Alan Murphy, Head of Collections at permanent tsb, said “At permanent tsb, we take customer service very seriously and we have invested heavily in technology that will support…
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Ireland’s SMEs are waiting the longest for payment from customers, according to the inaugural Global Business Monitor report from international business funder, Bibby Financial Services (BFS). The global study surveyed business owners in the USA, Germany, UK, Poland, Hong Kong and Ireland and found that Irish SMEs wait an average of 38 days for payment.…
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