Credit, Collections & Insolvency News
European Union (EU) finance ministers on Tuesday called for speedier unloading of bad debt by EU banks and recommended more money be put aside by the banks to protect them from trouble. The decade-long financial crisis left European banks holding nearly 1 trillion euros of non-performing loans (NPLs), reducing their ability to lend and slowing…
Read more
Secretary of State for the Department for International Trade, Liam Fox, has today announced that UK Export Finance (UKEF) will partner with five of the UK’s biggest banks to deliver government-backed financial support to exporters more quickly and efficiently. Partnering with Barclays, HSBC, Lloyds Banking Group, RBS/NatWest and Santander, UKEF will also be able to extend its support…
Read moreSME Lender iwoca and Italy’s Intesa Sanpaolo, are partnering to provide Intesa’s SME clients with innovative credit products to bridge the funding gap and support growth in this key section of the economy. The partnership will leverage iwoca’s market leading SME lending platform and Intesa’s expertise in building banking operations across Italy, Central Europe, Eastern Europe,…
Read more
The number of mortgage approvals in Ireland rose by 35 per cent over the year to May 2017, according to new figures from the Banking & Payments Federation Ireland (BPFI). The BPFI Mortgage Approvals Report shows 4,124 mortgages were approved in May 2017. Some 2,148 (52.1 per cent of total volume) were for first-time buyers…
Read more
Consumer loans advanced by Irish banks exceeded repayments by €162 million in the three months to end- May 2017, continuing a trend evident since early-2016. These types of loans typically include car loans, furniture, domestic appliance and holiday loans; with overdrafts and credit cards also included. Credit card debt represented approximately 20 per cent of…
Read more
The Federation of European Credit Management Associations has released a statement to announce that the European Commission has launched a single platform to access information on companies registered in the EU member states. This single platform links national business registers to facilitate cross-border trade and increase confidence and transparency in the EU Single Market. It…
Read more
The merger of Intrum Justitia and Lindorff has been closed. All subsidiaries of Lock TopCo AS (parent company of the Lindorff Group) are fully owned by Intrum Justita AB . CEO & President of the new business will be Mikael Ericson. The combination of Intrum Justitia and Lindorff creates a leading provider of credit management…
Read moreMonday 26th June saw the implementation date for the fourth EU Money Laundering Directive (MLD4); time to see if preparations are up to scratch or whether a flurry of FCA fines will be issued. John Marsden, Head of ID and Fraud at Equifax said“The rise in high-profile fines for failing to maintain money laundering defences…
Read more
Callcredit Information Group has acquired the Spanish Confirma group of companies, comprising Confirma Sistemas and Soluciones Confirma, which specialise in fraud prevention and anti-money laundering (AML) software solutions. The acquisition, sees Callcredit take a majority shareholding in the Madrid- headquartered business. Callcredit entered the Spanish market in 2015 and has been developing its business and…
Read more
Fewer than half as many female than male business owners are confident about the future success of their businesses post-Brexit. New research conducted by RateSetter Business Finance has revealed that only 10% of women business leaders believe that leaving the EU will be positive for their business. This contrasts to the fact that twice the…
Read more
The European Commission has approved the combination of Intrum Justitia and Lindorff. The Commission’s decision is conditional upon the divestment of Lindorff’s business in Denmark, Estonia, Finland and Sweden as well as Intrum Justitia’s business in Norway (see press release dated May 18, 2017 for more information). The combined company will, through its scale and…
Read more
Intrum Justitia AB has announced that Mikael Ericson will be the Chief Executive Officer (CEO) and President of the combined company once the transaction is completed. Erik Forsberg, the current Chief Financial Officer of Intrum Justitia, will continue as the CFO of the combined company. In November 2016 Nordic Capital Fund VIII, currently, the indirect majority…
Read more
One out of every 10 Irish borrowers is in some form of arrears on their mortgage. A total of 76,400 mortgages on homes were in arrears in the first three months of this year, new Central Bank of Ireland figures show. Of the total in arrears, almost 34,000 mortgage accounts are more than two years…
Read more