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Archive for July 2014

AIB reports six month loss of £2.2bn

AIB has reported an underlying loss of 2.6bn euros (£2.2bn) for the six months to the end of June, driven by continuing elevated bad debts. This compares to a loss of 2.1bn euros (£1.85bn) during the same period last year. The bank said that funding conditions remained highly challenging in volatile markets. AIB booked a…

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Risk of debt peril’ when interest rates rise

UK interest rates

A “relatively benign” rise in interest rates still has the potential to double the number of households facing debt problems, a think tank has said. A report by the Resolution Foundation said the UK had failed to deal with a “debt overhang”, leaving the economy vulnerable to rate rises. It predicted that by 2018, 1.1…

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Ulster Bank poised to sell £1bn property loan portfolio

Ulster Bank

The Gateway office building in Belfast which is set to be sold by Ulster Bank The proposed sale by Ulster Bank of a £1bn portfolio of commercial property loan is a significant step “on a par” with Nama’s recent sale of its Northern Ireland borrowings, it has been claimed. The disposal, reported on property news…

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Economists warn of ‘time bomb’ on mortgage arrears

mortgage arrears

A MORTGAGE arrears time bomb is ticking, due to a squeeze on the repayments of a large numbers of investors who bought rental properties. – These investors signed up to interest-only deals when they bought their buy-to-let properties during the boom. They did this because it costs much less every month than making full interest…

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UK interest rates ‘could return to 5% in long term’

UK interest rates

rise in interest rates is good for savers, but can increase the cost of mortgage payments Interest rates could rise to 5% in “the very long term”, a senior Bank of England figure has said. Sir Charlie Bean, deputy governor for monetary policy, called it “reasonable” to think rates would return to pre-recession levels in…

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NI housing market ‘dysfunctional’, says Stormont-backed taskforce

NI housing market

Negative equity rates are much worse in Northern Ireland than elsewhere in the UK. The Northern Ireland housing market remains “dysfunctional” and poses a risk to economic recovery, a Stormont-backed taskforce has concluded. The taskforce was appointed by the Social Development Minister Nelson McCausland. It was asked to examine the impact of negative equity and…

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