Credit, Collections & Insolvency News
The late payment culture knows no borders according to new research by MarketInvoice. The research shows that the proportion of UK invoices being paid late – and the amount of time taken to settle them by EU and USA firms – has risen dramatically between 2016 and 2017. The findings also reveal that 73% of…
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The report of the Public Accounts Committee (PAC) into HMRC’s performance published today (12 January 2018) makes for sobering reading according to the ICAEW. The ICAEW responded to comments from the Chair Meg Hillier that highlights the risks that HMRC faces from undertaking the largest transformational programme in Europe while at the same time coping…
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Italy’s Intesa Sanpaolo is considering selling its debt collection business and a bad loan portfolio to Sweden’s Intrum Justitia the two companies have said in separate statements. The move would mark a change of strategy for the Italian lender which set up the bad loan unit, called Capital Light Bank, back in 2014 and has…
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The increasing cost of living and the impact of Brexit top the Nation’s main financial concerns for 2018, according to new research from GoCompare. The research found that 40% of people think that 2018 will be a financially challenging year, with 12% admitting to being ‘seriously worried about their finances’ in the year ahead. The…
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Romania’s Alpha has agreed to sell debt portfolio valued at €360m. The bank said that portfolio will be acquired by entities financed by a consortium of international investors including Deutsche Bank, funds advised by AnaCap Financial Partners and funds advised by APS Investments. The completion of the transaction is subject to the relevant regulatory approvals.…
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Ireland’s National Treasury Management Agency (NTMA) has announced that is planning three debt auctions in the first quarter of this year. Following the sale of €4 billion of bonds last Week the NTMA announced plans for two bond auctions and one treasury bill auction to take place in February and March. The bonds sold on Wednesday will…
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Irish SMEs are writing off €1.7 billion every year due to bad debts, according to a new report by Bibby Financial Services. Bibby said the firms are losing the money due to customers not paying bills, or customers becoming insolvent. The Global Business Monitor report from the firm found that an average of €13,780 is…
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Ferratum has announced that it will be partnering with Thomas Cook Money to introduce its first Banking-as-a-Service (“BaaS”) venture. Ferratum will provide Thomas Cook Money with a fully functional and regulated mobile consumer finance offering powered by Ferratum’s highly successful and innovative mobile banking platform. Customers will experience the world’s first mobile banking app designed…
Read moreThe same external and internal political, economic and market challenges remain for businesses for this year as they did for 2017 according to the new research by ICAEW. Despite improved global conditions, uncertainty about the UK’s relationship with the EU continues to be the biggest concern for business. Key headline findings from the report include:…
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Online research from Equifax has revealed that 39% of Brits expect Brexit to negatively affect how they access and manage their finances. The survey, conducted by YouGov, also highlighted the younger generations’ pessimism about Brexit with over half (56%) of 18-24 year olds believing exiting the EU will make it more difficult to access and…
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Ireland’s Central Bank has sold a further €500 million tranche of debt connected with the collapse of Anglo Irish Bank. The latest transaction brings to €9.5 billion the amount of legacy debt bought from the bank by the National Treasury Management Agency (NTMA). Following the purchase, €15.53 billion of debt associated with the failure of Anglo Irish Bank remains with…
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The number of Irish homeowners in arrears for more than 90 days inched lower to 7 percent in the third quarter from 7.1 percent three months earlier, according to latest figures from the Central Bank data showed on Thursday, confirming a pattern of moderating declines. Arrears began falling sharply from a peak of 12.9 percent…
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The Central Bank of Ireland has today published its second edition of the 2017 Macro-Financial Review (MFR), which provides an overview of the current state of the macro-financial environment in Ireland. Despite a global economic recovery that continues to strengthen, the Review highlights a range of risks to the Irish economy and financial system. The…
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