Credit, Collections & Insolvency News
The Financial Conduct Authority (FCA) has updated its rules ahead of the Brexit transition period coming to an end. While the new rules will apply from January 2021. The FCA has said it will temporarily waive some of the rules, meaning businesses can continue to comply with existing requirements for a limited period – although…
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KBC Bank Ireland has been reprimanded and fined €18,314,000 by the Central Bank of Ireland for regulatory breaches affecting tracker mortgage customer accounts. The Irish regulator has imposed a fine at the highest end of its sanctioning powers, reflecting the gravity with which the Central Bank views KBC’s failures. The impact of KBC’s failings on…
Read moreThe Financial Conduct Authority (FCA) has launched a consultation on its approach to the authorisation and supervision of international firms operating in the UK. The consultation is relevant to European Economic Area (EEA) firms that intend to seek authorisation in the UK in the future, including those entering the Temporary Permissions Regime, as well as…
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The Central Bank of Ireland published a Research Technical Paper (RTP) written by David Horan, Reamonn Lydon and Tara McIndoe-Calder, entitled “Household wealth: what is it, who has it, and why it matters”. The RTP presents the results from Household Finance and Consumption Survey (HFCS) 2018, including key developments since the last survey, in 2013.…
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The Central Bank of Ireland has published two Financial Stability Notes (FSN). Both of the FSNs show that COVID-19 payment breaks provided valuable cash flow relief to households and businesses across Ireland in the wake of the pandemic. The first FSN, written by Edward Gaffney and Darren Greaney, entitled “COVID-19 payment breaks on residential mortgages”,…
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RSM’s UK Brexit Stress Index nudged up for the first time since the early days of the Covid-19 lockdown, ushering in the first signs in nearly seven months that the risk of no-deal trade talks with the EU is generating increased nervousness within business. This week the pound also saw its worst performing week against…
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Insolvencies in the UK are forecast to jump by 27% this year, slightly higher than the global average rise of 26%, reveals a new economic research report by top trade credit insurer Atradius. The latest Atradius Insolvency Report analyses the economic impact of the Covid-19 pandemic and the knock-on effect on insolvencies. Every major economy, except…
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The full economic and business impact of the Covid-19 crisis is yet to be felt, with the preservation of cashflow and investment in new technologies to predict risk being issues that will shape the agenda of business leaders over the coming months, according to Euler Hermes Chairman Wilfred Verstraete. In a letter to the company’s…
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The UK economy shrunk by a fifth and fell into its deepest recession on record in the second quarter. Official data released by the ONS confirmed a 20.4% fall in GDP quarter on quarter. The contraction followed a 2.2% dip in the first quarter, sending the country into a technical recession. In Germany, GDP fell…
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The number and total value of judgments registered against Irish businesses have risen in the first half of 2020 compared to the same period last year, figures released today by registrar Irish Judgments show. Judgments against Irish businesses actually rose from 250 to 315, a rise of 26 percent over the period. But, the total…
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The number and total value of judgments registered against Irish consumers fell sharply in the first half of 2020 compared to the same period last year, figures released today by registrar Irish Judgments show. The number of judgments against consumers fell by 45 percent, from 1,160 to 632, while the total value fell by 62…
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The European Commission has approved, under EU state aid rules, a UK guarantee scheme to support the trade credit insurance market in the context of the COVID-19 pandemic outbreak. Trade credit insurance protects companies supplying goods and services against the risk of non-payment by their clients. Given the economic impact of the pandemic, the risk…
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The Covid-19 pandemic crisis is affecting the European payments landscape with businesses facing unparalleled uncertainty according to late insight research by European credit management specialist Intrum. The report indicates sharp drops in GDP across Europe are now pushing down revenues for businesses, restricting cash flow while increasing pressure on businesses to manage their cash and…
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