Main Irish banks have submitted proposals on new mortgage rules
The deadline for the receipt of submissions on the proposed introduction of a cap on mortgages, which is due to be introduced early next year, passed at midnight.
It is understood that all the main banks submitted proposals on the new rules, but will not be publishing them.
The Central Bank plan would see potential mortgagees having to come up with 20% of the value of a property to put …
Irish family businesses lag behind competitors in global poll
Irish family businesses need to adapt faster and become more professional, according to a new report from PwC.
PwC’s ‘Irish Family Business Survey’ for 2014 also shows that compared to other Irish business sectors, family businesses here see themselves as less entrepreneurial than their international counterparts.
PwC’s Irish Family Business Leader Paul Hennessy said that family businesses have changed their mindset since the survey was last carried out in 2012.
Central Bank urged to row back on proposed mortgage rules
Central Bank urged to row back on proposed mortgage rules.
Ulster Bank has told the Central Bank that borrowers should be required to have a deposit of just 10 per cent if looking for a mortgage of up to €500,000, in a submission to the regulator about proposed new limits on lending.
Bank of Ireland, meanwhile, has urged the regulator to retain the current informal regime where customers can borrow …
Euro zone morale improves in December on prospect of ECB money-printing
Sentiment in the euro zone picked up in December as investors took a brighter view of the future, probably due to expectations that the European Central Bank will start buying assets next year, a survey showed on Monday.
Sentix research group’s index tracking morale among investors in the euro zone climbed to -2.5 in December from -11.9 the previous month, faring much better than the -10.5 forecast in a Reuters …
Setback for banks as tender for new credit bureau goes overseas
The Central Bank has chosen Italian credit checker CRIF as the preferred bidder to operate the new central credit register, the Irish Independent understands.
Early last week, the Bank chose the Italian company ahead of rivals including the Irish Credit Bureau (ICB).
The ICB, owned by the major Irish banks as well as credit card providers and credit unions, is the major credit checking agency in this country but is …
Government asks Central Bank to ease mortgage deposit rules
THE Government wants the Central Bank to ease the introduction of strict new rules on mortgage borrowing by introducing the changes gradually.
In a submission to the Central Bank which will be lodged today, the Department of Finance will offer broad support for the regulator’s controversial plan to tighten the lending rules while calling for more flexibility in some areas. The regulator asked for suggestions after stunning the property market …
European stocks fall after Draghi stalls on stimulus
European stocks fell after European Central Bank president Mario Draghi said it will assess the need for further stimulus early next year, putting an end to speculation that it would take more immediate action.
Hopes that the central bank would embark on a government bond-buying scheme have been fuelling a strong rally in European shares in the past few weeks. The ECB also lowered its forecasts for euro zone …
New forecasts from ECB cuts eurozone growth outlook to 1pc
The European Central Bank (ECB) left official interest rates unchanged and at an all time low on Thursday, good news for householders with tracker mortgages.
But, ECB president Mario Draghi issued new forecasts cutting the eurozone’s growth outlook for next year to just 1pc from the 1.6pc predicted three months ago.
Despite that, the ECB chief said he will wait until early next year to assess whether more action is …
ECB weighs further action as economic picture darkens
The European Central Bank will make plain the euro zone’s economic malaise after it meets today, with a rare public call from Washington adding to pressure for action to stop the bloc going into reverse.
With recovery stalled across many of the 18 countries that share the euro, ECB president Mario Draghi will present fresh growth and inflation forecasts from bank staff at his post-meeting news conference. Both measures are …
Consumers urged to ‘think twice’ about moneylending loans this Christmas
The Central Bank is urging consumers to “think twice” before taking out additional loans from moneylending firms this Christmas.
“Households often have additional expenses at this time of year, and consumers could be tempted to take out additional loans to cover these expenses, including from moneylending firms,” said Bernard Sheridan, director of consumer protection with the Central Bank, warning that “this could take consumers into a rolling cycle of high-cost …