Credit, Collections & Insolvency News
The number and total value of judgments registered against Irish consumers saw very large percentage rises in the second quarter of 2021 (Q2 2021) compared to the same quarter last year, figures released by registrar Irish Judgments show. The number of judgments registered against Irish consumers in Q2 2021 was 307, an increase of 358…
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The number and total value of judgments registered against Irish businesses rose significantly according to new figures released by registrar Irish Judgments. The number of judgments registered nearly doubled from 63 in Q2 2020 to 124 in Q2 2021. The total value owed in Q2 2021 was €1.4 million, more than three times the €440,462…
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Loans were taken out by small businesses to cover workforce costs spiked from 1% in March 2020 to 14% in April 2020, according to analysis by CapitalBox. CapitalBox research also found that 34% were unable to reinvest in their business to survive, 25% were unable to pay their employees whilst 25% turned down work. SMEs…
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A new report from Juniper Research has found that global contactless card transaction values will reach $2.5 trillion in 2021, from $1.7 trillion in 2020, with cards retaining the majority share of overall contactless transaction values at 79% in 2021. The pandemic has significantly accelerated an existing contactless card usage trend, and these value increases…
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NatWest’s Ulster Bank is preparing to sell €7.6 billion of loans and 25 branches to Irish bank Permanent TSB. Between 400 and 500 Ulster Bank employees will transfer over under the deal while NatWest will secure a 20% stake in PTSB as part payment. “In line with our strategy of a phased withdrawal from the…
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A third of businesses have been forced to review their future plans after being severely impacted by Covid-19, according to the latest CCW research. CCW’s ‘Testing the Waters survey’ also found that less than a quarter of business customers could recall receiving information from their water retailer about the help and support available to them with…
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Ireland’s Central Bank is proposing to ban the practice of price walking following its Review of Differential Pricing in the Private Car and Home Insurance Markets. The Review examined how differential pricing is used in the private car and home insurance sectors and established its impact on consumers. Differential pricing is where customers with a…
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The easing of Covid restrictions has coincided with a loosening of people’s purse strings, according to data from Nationwide’s latest quarterly Spending Report that shows both essential and non-essential spending have soared. The amount spent on non-essential items, such as holidays, leisure, gardening, eating out and even charity soared during the second quarter of the…
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OakNorth Bank has announced the appointment of Carolyn Schuetz as a Non-Executive Director. Schuetz has over 30 years of global financial services experience with a track record of delivering large-scale transformational change and creating new ventures. Early in her career, she started and scaled her own business, Cypress Knowledge, a corporate consultancy advising senior executives…
Read moreThe Bank of England’s latest Financial Stability Report, released this week, points to the particular vulnerability of the SME sector as the economy emerges from Covid-19 restrictions. The twice-yearly reports, compiled by the Bank’s Financial Policy Committee, has warned about increased corporate indebtedness, in particular amongst smaller firms with weaker balance sheets. As the economy…
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New research has revealed that business leaders overwhelmingly believe the state of UK infrastructure is restricting economic growth nationally, locally and within their own organisations. The survey by audit, tax and consulting firm RSM shows that nearly 70 per cent of the 400 UK middle market business leaders questioned believe the UK’s infrastructure* is hindering…
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Business confidence jumped in June to its highest point since 2005, as businesses look ahead to the lifting of lockdown restrictions later this month, according to the latest Business Trends report from accountancy and business advisory firm BDO. The BDO Optimism Index moved 2.74 points from 109.71 in May to 112.45 in June, marking the fifth consecutive month…
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A total of 169 corporate insolvencies were recorded in Ireland in the first half of 2021, according to analysis of the latest insolvency statistics published by Deloitte. The figures represent a decrease of 38% from H1 2020 when 273 insolvencies were recorded. On a quarterly basis, a total of 58 corporate insolvency incidents were recorded…
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