Credit, Collections & Insolvency News
Fundamental risks to business continuity as a result of the pandemic mean that an estimated 193 airports face insolvency in the coming months if passenger traffic does not start to recover by the year end according to new research by ACI Europe. These airports between them facilitate 277 thousand jobs and €12.4 billion of European…
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A new Bill designed to ensure the UK’s world-leading financial services sector continues to thrive and grasp new opportunities on the global stage has been introduced to Parliament. The Government says that the new Financial Services Bill is an important first step in taking responsibility for our financial services regulation, ensuring that the UK maintains…
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A new 5-day conference for the commercial credit sector has been launched by Credit Connect in partnership with Aon The Credit Solution Conference, a 5-day event will take place online between Monday 7th December and Friday 11th December. The event content will be hosted by Aon and the event will be facilitated by Credit Connect…
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Business leaders fear a potential double hit from the Covid-19 pandemic and no deal, new figures from the Institute of Directors (IOD) reveal. In a survey of almost a thousand company directors conducted in late September, the majority said that the pandemic would magnify the impact of a no-deal Brexit on their organisation, while less…
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European credit management specialist, Intrum has announced the appointment of Anders Engdahl as its new President and Chief Executive Officer. Current CEO Mikael Ericson who will leave the company after four years as President and CEO. At the same time, the Board has appointed Intrum’s current Chief Financial Officer Anders Engdahl as new President and…
Read moreA new trade report from Atradius has predicted a rise in insolvencies from the Czech Republic. In the report, Atradius economists detail how GDP contracted by 2% year on year in Q1 of 2020 and by 11% in Q2. Overall in 2020, the economy is forecast to decline by 6% with industrial production and exports recording…
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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 Turkish economy is forecast to bounce back in 2021 as it recovers from the effects of the coronavirus pandemic according to a new report by Atradius. Turkey’s economy grew just 0.9% in 2019. In 2020, while the economy had a strong start and saw the recovery of credit growth, this rebound was abruptly halted…
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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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North American firms more bullish about growth prospects (73%), compared to businesses in Asia (67%) and EMEA (63%) 35% of businesses say COVID-19 has made them even more determined to expand into new markets according to research by Intertrust. Three out of five business leaders worldwide (61%) predict growth over the next twelve months. Intertrust,…
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