Credit, Collections & Insolvency News
Bank lending to small and medium sized (SME) retailers in the UK has fallen 6% from £15.6 billion to £14.7 billion since the Brexit vote in 2016, meanwhile large retailers have benefited from a sharp rise in bank lending, says accountants and business advisors, Moore. Over the same period that lending to SME retailers has…
Read more
Set against a backdrop of unprecedented change – British small businesses are remaining stoic and are facing the next three months with renewed focus and a determination to succeed. New research from Hitachi Capital Business Finance shows that for the sixth consecutive quarter confidence levels have varied only by 1%, with the number of businesses…
Read more
The Central Bank of Ireland has today published a Financial Stability note written by Jane Kelly and Elena Mazza, which uses Irish microdata to show that since 2008. The note says that the resilience of borrowers has improved, in terms of monthly serviceability of mortgage relative to income (MSTI). The purpose of the note is…
Read more
Financial stress among European consumers is rising with almost half (45%) say their bills are rising at a faster rate than their income, thus negatively affecting their general wellbeing according to Intrum’s latest edition of its European Consumer Payment Report. The report says that borrowing culture is on the rise. An increasing number (24%) have…
Read more
Business and consumer insights specialist Equifax and the Open Data Institute (ODI), the international organisation dedicated to improving the use of data, have launched an in-depth research report looking at the international consent framework for Open Banking. The report combines research into Open Banking and data portability initiatives from across a range of countries, as well…
Read more
The number of manufacturing businesses entering insolvency has hit a five-year high rising 7% to 1,466 in the last year (to 30 September 2019) up from 1,373 the previous year, says chartered accountants and business advisors, Moore. Moore says that the rise in manufacturing businesses going insolvent is being driven in part by Brexit-related uncertainty…
Read more
Over half (54%) of the UK’s SMEs, equating to 3.1 million businesses, admit they had not prepared in any way for Brexit ahead of the 31 October deadline according to the latest Q3 SME Confidence Tracker from Bibby Financial Services. Fewer SMEs are investing and the amount they are investing on average has also fallen.…
Read more
Over a third (36%) of Europe’s CFOs feel more pessimistic about their companies’ financial prospects than they did three months ago, according to Deloitte European CFO Survey. This percentage has doubled since the first survey in spring 2015, when the figure stood at 18%. Fewer than one in five CFOs (18%) consider now to be…
Read more
The Central Bank of Ireland has published a new guide to sanctions imposed under the Administrative Sanctions Procedure (ASP) for the financial services sector. This ASP Sanctions Guidance increases transparency by providing greater clarity on the Central Bank’s general approach to sanctioning of firms and individuals. It provides guidance on the application of a variety…
Read more
Mortgage arrears remain one of the most important issues in Ireland according to the Irish Central Bank, Deputy Governor, Ed Sibley. Speaking at the MABS Conference, ‘Money Advice and Budgeting – 2020 and Beyond’, Sibley praised the work of MABS and outlined how the Central Bank’s different responsibilities connect to build financial resilience and how…
Read more
Irish credit union, Savvi has been fined €185,500 by the Central Bank of Ireland for failure to comply with the requirements for long-term lending and the restriction on paying remuneration to directors The Central Bank determined that the appropriate fine was €265,000, which was reduced by 30% in accordance with the settlement discount scheme provided…
Read more
A new report by trade credit insurer Atradius has revealed the top trading risks within Eastern Europe’s major markets. The report reveals that despite the end of a technical recession in Turkey, economic growth is forecast to level off this year (0.1%) and a 10% increase in business insolvencies is expected. Payment delays and default risks…
Read more
David Capdevila appointed new Chief Executive Officer (CEO) of Atradius N.V. From January 2020, Capdevila will replace Isidoro Unda who has announced his departure after 12 years as the insurance company’s Chief Executive Officer. The Chairman of Grupo Catalana Occidente (the Group owner of Atradius), José María Serra, thanked Isidoro Unda for his dedication throughout…
Read more