Credit, Collections & Insolvency News
BNP Paribas Personal Finance has acquired Swedish consumer finance company SevenDay Finans. Sevenday will become part of Ekspres Bank, a commercial brand of BNP Paribas Personal Finance in this region. Ekspres Bank is part of BNP Paribas’s Scandinavian division. Operating in Norway and Denmark since July 2014 under the brand Ekspres Bank which was acquired…
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The Central Bank of Ireland has released Ireland’s Money and Banking Statistics for April 2017. Drawdowns of consumer loans exceeded repayments by €158 million in April, the largest monthly increase since January 2011. The new lending largely comprises medium term loans, which typically include car loans, furniture and holiday loans. Here is an overview of the latest…
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Irish regulator, The Central Bank of Ireland has fined the Bank of Ireland (BOI) €3,150,000 by the Central Bank of Ireland in respect of anti-money laundering (AML) and terrorist financing compliance failures. The Central Bank of Ireland reprimanded BOI for twelve breaches of the Criminal Justice (Money Laundering & Terrorist Financing) Act, 2010 (the ‘CJA…
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Linked Finance, an Irish Peer to Peer (P2P) lending platform for small businesses, has been granted full authorisation by the Financial Conduct Authority (FCA). Linked Finance is Ireland’s largest P2P firm by cumulative lending. Niall Dorrian, Chief Executive Officer of Linked Finance said “ I am very pleased that we have secured full FCA approval,…
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Cabot Credit Management (CCM) has announced its financial results for the three months ending 31 March 2017. As part of the results, Cabot announced that it has acquired Orbit Debt Collection, a UK based debt contingency business who specialises in the Utilities sector. In addition, Cabot has also obtained regulatory approval for the Irish business, Cabot Financial Ireland,…
Read moreIwoca, and PayU, a leading payment service provider, have launched an innovative collaboration aimed at making it easier for small and medium-sized (SME) entrepreneurs, particularly those in the eCommerce and eService industries, to obtain financing for growth. The collaboration marks the first venture of this kind in the European fintech market. The new solution enables…
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The Central Bank of Ireland has published its latest Household Credit Market Report. The report collates information from internal and external sources to give an up-to-date picture of developments in the household credit market in Ireland. The report finds that Irish households continued to reduce their debt-to-income and debt-to-asset ratios during Q4 2016 but indebtedness…
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Nordic Capital Fund VIII, currently the indirect majority shareholder in Lindorff, notified the European Commission of the intended combination of Intrum Justitia and Lindorff. Based on its initial investigation, the European Commission has informed the parties of potential competition concerns in five Nordic/Baltic markets, relating to both debt collection and debt purchasing in each market.…
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Lindorff has signed an agreement to acquire Italian Debt Collection Agency (DCA) Gextra. Gextra is a specialised player in small debt collection services. It is controlled by doBank through Italfondiario. Gextra is a management consulting and outsourcing services company serving the credit management services industry in Italy. Gextra manages credit recovery activities through a network…
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The Central Bank of Ireland has released its latest Credit and Debit Card Statistics from Quarter 1 in 2017. Here is an overview of the key statistics in the report Debit card point of sale spending in March increased 14 per cent on the same month in 2016. In March 2017over €2.7 billion of debit card…
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The Central Bank of Ireland has published a consultation paper on the investment framework for credit unions. Under existing regulations, credit unions can invest in a range of specified investment classes. These include government securities, bank deposits, bank bonds and collective investment schemes made up of these instruments. These are subject to specified maturity and…
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The British Business Bank should be readied to replicate the current role of the European Investment Bank (EIB) and European Investment Fund (EIF) in supporting small business finance markets once the UK has left the EU, according to the Federation of Small Businesses (FSB) Brexit in a new report. Under FSB’s new proposals, the British…
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Arrow Global Group has announced its results for the three months ended 31 March 2017. Commenting on the results, Lee Rochford, Group chief executive officer of Arrow Global, said: “In Q1 Arrow Global delivered another impressive quarter of profitable growth. Revenues grew 45% and underlying profit after tax was up 37%. “It was a strong start to…
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