Tag Archives: Financial Regulator

houses on money

Measures to deal with mortgage arrears crisis are revealed

  The Government and the Central Bank have unveiled unprecedented measures to tackle the mortgage arrears crisis. The steps put greater emphasis on writing down debt, while acknowledging some borrowers will have to volunteer to surrender possession of properties. Banks will be forced to reach sustainable solutions with 20% of borrowers in arrears by the end of [...]

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Matthew Elderfield

Struggling homeowners urged to engage with lenders

Homeowners experiencing mortgage difficulties and who do not engage with their banks, now face legal proceedings. Financial regulator Matthew Elderfield has warned that customers who do not cooperate with their banks could also be ruling themselves out of benefitting from new personal insolvency rules. Mr Elderfield said repossessions would “inevitably rise”. However, he said, cooperating [...]

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Enda Kenny

Interest only mortgages not the answer to crisis, insists Kenny

Taoiseach Enda Kenny has said putting distressed mortgage holders on “interest only” mortgages will not solve the mortage arrears crisis. Mr Kenny told the Dáil yesterday that the only solution to the crisis was for each lender to work through cases on an individual basis. He said that efforts to tackle the problem were beginning [...]

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Financial Regulator Matthew Elderfield

Banks will have to charge customers more, insists Elderfield

Irish banks face the uncomfortable task of “telling the neighbours who donated blood to them that they need to charge them more as customers,” according to the Financial Regulator. Speaking at an event in UCC, Matthew Elderfield said the banks were out of the “critical ward following radical surgery and an extensive transfusion of blood [...]

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People could have their repayments cut under the new proposals from IFG

Thousands struggling to pay mortgages could have repayments cut under new plan

Thousands of people struggling to pay their mortgages could see their monthly repayments fall by up to a third if proposals from international financial services group IFG are accepted by the banks and the financial regulator. That’s according to a report in last weekend’s Sunday Independent. Under the proposed debt-for-equity scheme, the amount owed by [...]

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Brian Hayes

Government unlikely to come up with legislation forcing lenders to pass on ECB rate cuts

Banks passing on the ECB interest rate reduction to customers is a “very important issue for the government”, according to Minister of State at the Department of Public Expenditure and Reform Brian Hayes. Mr Hayes admitted, however, that it was unlikely that legislation would be introduced to enforce lenders to pass on the interest rate [...]

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The Central Bank

Central Bank does not want powers to force lenders to pass on interest rate cuts

THE Central Bank has told the government it does not want powers to force lenders to pass on interest rate cuts to mortgage-holders. In a letter sent to the Taoiseach on Friday, the Financial Regulator and deputy governor of the Central Bank, Mathew Elderfield, said the Central Bank would prefer to address the issue of [...]

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