Credit, Collections & Insolvency News
A new study shows UK banks have lent around £29.3bn more to businesses over the past year. This compares with a 5.3% jump in lending in the EU on average. UK bank lending also surpassed Germany (7%) and Spain (3%). UK banks have managed to increase lending by 8% since the start of the Covid-19…
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Irish regulator, The Central Bank of Ireland, has fined Ulster Bank €37.8 million (€37,774,520) for its role in Ireland’s tracker mortgage scandal. The Central Bank of Ireland issued the penalty after finding that 5,940 people were denied tracker mortgages, resulting in “significant and widespread overcharging”. The Central Bank’s investigation found that the Bank had breached…
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The global economy is forecast to recover almost fully from the pandemic-driven recession but there are major divergences in the pace of recovery across the world, according to a new report from trade credit insurer Atradius. The report reveals the emergence of several bright spots in the global economy as the world battles to overcome…
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New research from Experian has found that one in six (60%) of consumers are e continuing to embrace digital transactions by using universal mobile wallets. The research has found that more people become accustomed to the security and convenience of the digital channel, digital transactions including mobile wallet payments are continuing to increase. The Global…
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Research by Moody’s has found that the UK has the highest number of distressed companies in Europe. Across the continent, there were 113 companies with a B3 negative rating or lower in December, with the UK accounting for the highest proportion with 28 distressed companies. The number of distressed EMEA companies on Moody’s latest B3N…
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Credit insurance specialist, Coface has predicted an uneven recovery form the global pandemic across countries, sectors of activity, and income levels in its latest quarterly report. The company says that although the performance of China and other Asian economies is boosting global growth, the main mature economies will not return to their pre-crisis GDP levels…
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The number and total value of judgments registered against Irish businesses saw large falls in 2020 compared to 2019, figures released by registrar Irish Judgments show. Judgments against Irish businesses fell less, by 33 percent, from 676 to 455. The total value registered against businesses fell by 51 percent, from €13.3 million to just €6.4…
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The number and total value of judgments registered against Irish consumers saw a large fall in 2020 compared to 2019, figures released by registrar Irish Judgments show. The number of judgments against consumers fell by 62 percent, from 2,456 to just 930. The total value fell by 79 percent, from €192 million in 2019 to…
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Credit management firm Intrum has achieved gold rating in an independent customer experience assessment for the seventh consecutive year by Investor in Customers (IIC). IIC has again given the business its highest gold standard for delivering ‘exceptional’ customer service, making Intrum the only business ever to achieve gold on first IIC assessment and maintain that…
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New data from insurance specialist Euler Hermes has predicted that 2021 is likely to bring a flood of corporate insolvencies throughout the world’s largest economies. The company points out that Q4 in Europe is likely to be the time when the surge in business insolvencies reaches its zenith. Whilst insolvencies in the US will rise…
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The number and total value of judgments registered against Irish consumers saw a huge fall in the fourth quarter of 2020 compared to the same quarter last year, figures released by registrar Irish Judgments show. The number of judgments against consumers fell by 72 percent, from 618 to just 172. The total value fell by…
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Judgments against Irish businesses fell from 234 to 62, a drop of nearly three quarters (74%), figures released by registrar Irish Judgments show. The total value registered against businesses fell by 62 percent, from €3.4 million to just €1.3 million. The average value of business judgments rose by 41 percent from €14,525 to €20,536. Mick…
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Sales of non-performing loans (NPLs) hit a four-year low last year with €67.7bn sold, according to the Debtwire European NPLs FY20 Report. The Government supported disposals accounted for 60% of the total, the report found. The Cobid-19 crisis delayed portfolio sales as Europe went into lockdown, while agreements fell apart as the economic outlook deteriorated.…
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