All mortgage lenders have been banned from taking legal action against borrowers in arrears for one year after the householders have missed their first home loan repayments.
The lenders were written to by the Financial Regulator today informing them the new measures will come into effect from 17 February this year.
The measures now cover sub prime lenders, which had not been covered by a voluntary code of conduct.
In a statement, the Regulator said 'the 12 month requirement does not app... read more »
AIB has increased its estimate of how much it will have to set aside to cope with bad loans this year to €4.3bn.In a trading update issued to the Irish Stock Exchange, the bank blamed the worsening economic conditions in Ireland for the bigger charge.
It also said mortgage arrears in Ireland were climbing and stood at 2% of total mortgage loans at the end of March, compared with 1.5% at the end of December.
However, AIB said that when the bad debt charges were excluded its trading profit... read more »
The Church of Ireland Primate has criticised some bank directors and executives for indulging in unnecessarily high risk strategies in the current economic crisis and said they should consider their positions.Archbishop Alan Harper told church members there was an urgent need for a completely new ethic in international banking, based on a powerful regulatory system.
Church of Ireland finances were being discussed by members gathered in Armagh for the General Synod.
But it was the fallout f... read more »
Minister for Finance Brian Lenihan has said that this afternoon's Budget will not be easy for anyone, but that it will be fair.Mr Lenihan is to announce the details of the Budget, which is expected to impose extra taxes and spending cuts worth around €3.5bn.
The Cabinet will meet in Government Buildings this morning for a final discussion on the Budget, but at this stage the decisions have already been taken.
After ten sessions, Ministers hope they have a package that can start the recov... read more »
House prices in the North have dropped by nearly 30% over the last year, according to a new quarterly survey.It confirmed 2008 was the worst year for the housing market since the start of the 1980s.
The figures were contained in the latest University of Ulster Quarterly house price index, produced in partnership with the Bank of Ireland and the Housing Executive.
The survey showed prices had fallen by just over 28% in 2008.
It also confirmed the continuing low volume of house sales, wit... read more »
Former Anglo Irish Bank chairman Seán FitzPatrick was given tens of millions worth of sterling and dollar loans, it has emerged.
Irish Nationwide gave tens of millions worth of sterling and dollar loans to Mr FitzPatrick as part of his loan transfers between the two institutions to conceal up to €122 million in borrowings from Anglo Irish.
The Irish Times reports that Irish Nationwide provided Mr FitzPatrick with loans of $56 million and £14 million on 26 September, 2007.
The ... read more »
Fine Gael Leader Enda Kenny has said the pay and actions of top banking executives must be reviewed before the Government's finalises its €7bn recapitalisation plan for Bank of Ireland and AIB.
Speaking on RTÉ Radio's Morning, Mr Kenny said taxpayers' money should be carefully employed
Last night, Minister for Finance Brian Lenihan said there was much tougher talking to be done before the Government signs off on the plan.
He said the Government will call the shots and will have a sub... read more »
The Central Bank says it expects the economy to contract by 4.7% this year, as Ireland continues to be impacted by global recession and falling demand.
In its latest economic forecast, the Central Bank says the contraction will lead to significant job losses with 100,000 fewer people working by the end of the year.
The bank says unpalatable short-term measures are needed if the economy is to stabilise in 2010.
In one of the most negative outlooks published so far, the bank says the co... read more »
The Government has announced support for a recapitalisation programme of up to €10 billion for credit institutions.
In a statement issued this evening, it said its objective was to ensure the long-term sustainability of the banking sector in Ireland.
The Government said it would support the programme alongside existing shareholders and private investors, and would underpin its contribution through the availability of credit to individuals and businesses in the real economy.
Afte... read more »
Figures from the Central Bank show a dramatic slump in the growth of residential mortgage lending in October.
The annual rate of growth in October fell to 7.6%, the lowest figure since 1986.
The Central Bank described the mortgage figure as 'exceptionally weak'.
The amount of money lent for mortgages rose by just €26m during October, compared with the average monthly increase of almost €2bn at the height of the housing boom in 2006.... read more »
