Mortgage approvals up

Posted on

Over 2,000 mortgages were issued each month in the months April, May & June. This is the highest level of approvals since 2011. The average mortgage approval value is €203,000.00. The figure of €203,000.00 is €23,988 more than the previous average approval value of €179,012.

Sharp increase in debt arrangements

Posted on

The Insolvency Service of Ireland has stated that there has been a sharp increase in debt arrangements and bankruptcies. The ISI’s statistics show that in cases involving secured debt, primarily home loans, the range of debt being written off in debt arrangements varies from zero to 61%. The median writedown on secured debt (the average when Read More …

Agreement to speed up some insolvencies

Posted on

AIB and KBC Bank will allow some insolvent mortgage holders to become debt-free in as little as three months. However this applies to mortgage holders who apply for personal insolvency, voluntarily surrender their property and have willing creditors as the creditors have a veto. Being removed from the insolvency register at the end of the Read More …

New State Bank for SMEs

Posted on

The Government has announced the establishment of a new State Bank for SMEs. It is thought that €500m in credit will be available to SMEs through the establishment of the Strategic Banking Corporation of Ireland (SBCI). The new bank will be funded by Germany’s KfW bank, the European Investment Bank (EIB) and the Ireland Strategic Investment Fund (ISIF), (used to be the National Pension Read More …

Access to a solicitor of an arrested person

Posted on

In the recent Supreme Court decision of People (DPP) -v- Gormley the court upheld the constitutional right of a person arrested and detained to have access to legal advice before being questioned provided that person has asked for legal advice.

Personal Insolvency Update

Posted on

The ISI has said the number of agreements approved to date is lower than expected. Its director, Lorcan O’Connor, has said that there is a significant number of new cases in the pipeline. So far there have been 51 agreements to reduce unsecured debt, such as credit card or Credit Union debt. However there was Read More …