Credit, Collections & Insolvency News
The proliferation of new payment methods, e-wallets, and blockchain cryptocurrencies has allowed cheap and rapid payments for everything from holiday cash to business to business transfers. However, this boon is part and parcel of the new ‘trust economy’ and it is not risk-free. Businesses will have to intelligently respond to the increased hazards posed by…
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Intrum Justitia AB has confirmed that it has entered into a strategic partnership with Italian bank Intesa Sanpaolo creating a servicing agreement for non-performing loans (NPL) in Italy. The deal has been accepted by the board of Directors of Intesa Sanpaolo and will see a merger of Intesa Sanpaolo’s NPL recovery operations and all of Intrum’s current Italian…
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Sharon Donnelly, Deputy Governor, of Ireland’s Central Bank has highlighted the progress made to date in tackling non-performing loans (NPLs) in Ireland, though notes the significant complexity in dealing with the outstanding arrears cases. This comes in a signed article co-authored with Trevor Fitzpatrick, Darren Greaney, Fergal McCann and Mícheál O’Keeffe and published as part…
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Last year saw a return to growth in the loan sales market, with a total of €114 billion of real estate backed loan sales recorded during the year, according to the latest report by the global real estate advisor, CBRE. Despite being a record year for loan transactions, there are still circa €1 trillion of…
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As part of the launch of the Financial Conduct Authority’s (FCA) business plan, the FCA has announced that it has increased its spending on Brexit to £30 million and will need to raid other budgets to cover the cost as the clock ticks down towards EU withdrawal. This year the FCA has taken £14 million from its…
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Ireland’s Central Bank has released its latest money and banking statistics for February 2018. The loan-to-deposit ratio for households stood at 0.90 in February, equalling the previous series low, with household deposits exceeding household loans by 10.2 billion. The decrease in this ratio in recent years has occurred due to deposits reaching near series highs, while…
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An Economic Letter by Martina Sherman, Tiernan Heffernan and Bryan Cullen provides, for the first time, comprehensive data on the personal contract plans (PCPs) market in Ireland. The data was compiled following a survey of all lenders in the PCP market by the Central Bank statistics division to provide a reliable data source on the…
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Danko Maras has been appointed as Intrum’s new Chief Finance Officer (CFO). Mikael Ericson, President and CEO of Intrum said “I am delighted to welcome Danko Maras to Intrum. We stand on the threshold exciting opportunities in the years ahead, and will continue to create value for both clients and owners, by continuing to develop…
Read moreThe Central Bank of Ireland has published its latest mortgage arrears data, Highlights from the report includes: The number of mortgage accounts for principal dwelling houses (PDHs) in arrears fell further in the fourth quarter of 2017; this marks the eighteenth consecutive quarter of decline. A total of 70,488 accounts (10 per cent) were in…
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European debt purchaser DDM Holding has announced that it has entered into an agreement to acquire a sizeable distressed asset portfolio containing secured corporate receivables in the Balkans from a leading bank in the region. The gross collection value of the portfolio amounts to approximately EUR 240 million. About 90% of the portfolio value is…
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Phillips & Cohen Associates, (Australia), the Australian arm of the globe’s leading deceased account management specialist, celebrates its fifth anniversary this month. The business, led by Managing Director, Don Coulthard, has enjoyed vibrant growth in the Australian market. Clients have been quick to benefit from the positive consumer impact of Phillips & Cohen Associates’ compassionate…
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A new report by Coface has indicated that here was an 8.3% drop in the number of French business insolvencies to 53,414 cases over one year in January 2018, which is the lowest since October 2008. Their cost to the economy is experiencing a double-digit drop: -15.2% for supplier debt (3.2 billion euros) thanks to…
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Irish Credit unions have been accused by the Central Bank of issuing loans without assessing if members are able to repay the borrowings. A new Central Bank report found “a concerning number of governance and operational risks still need to be addressed”. Since 2012, close to 700 on-site engagements took place in credit unions. The…
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