Archive for March 2015

Irish property prices fall for second month in a row

property prices

Residential property prices in Ireland fell by 0.4% in February, the second monthly decline in a row, the latest index data shows. The fall last month comes on the back of a 1.4% decline in January amid concerns that the country’s real estate recovery could be stalling. In Dublin, the decline was more pronounced, with…

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Nama NI debtors treated ‘less than sympathetically’, MPs told

NI debtors

First Minister Peter Robinson described the sale of the loans to Cerberus last year as “excellent news”. Photograph: Brian Lawless/PA Wire First Minister Peter Robinson described the sale of the loans to Cerberus last year as “excellent news” Former Nama debtors in Northern Ireland are being treated “less than sympathetically” by the US-based investment firm…

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PTSB preps final Irish loan sale

loan

Permanent TSB is preparing its remaining €900m of Irish so-called non-core loans for sale in a single portfolio in the coming months. Dubbed Project Connaught the portfolio is understood to be largely made up of hundreds of commercial property loans and buy-to-let mortgages – in many cases the loans are thought to be either non-performing…

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Economy is on course to reach pre-crisis peak

UK interest rates

The economy is set to swell to its pre-crisis peak this year, experts are forecasting. ew figures show economic growth in 2014 was the fastest in seven years, outstripping any other European country and expanding at just over five times the eurozone average. Experts now predict the economy may be bigger by the end of…

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Banking Inquiry: Bankers acted as touts for developers

Negative Equity

Bankers acted as touts for developers during the housing boom the Banking Inquiry has been told. Author and journalist Frank McDonald described a scene where “frequently it was the bankers who spotted the potential of a well located site” which they would then line up for a developer and provide the loan. His impression was…

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Santander and Deutsche Bank fail US ‘stress tests’

Santander

Santander and Deutsche Bank have failed a US “stress test” designed to assess whether lenders can withstand another financial crisis. The review, carried out by the Federal Reserve, gauges whether the biggest banks operating in the US have the “ability to lend to households and businesses even in times of stress”. Another institution, Bank of…

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NAMA launches sale of £226m Project Albion UK loan portfolio

Bell & Company

NAMA yesterday launched the sale of the £226m Project Albion non-performing loan portfolio, in the Irish bad bank’s first ever multi-borrower loan portfolio believed to be comprised of legacy Allied Irish Bank loans secured by predominantly UK commercial properties. Project Albion is comprised of 22 loans across eight separate borrower connections and secured by 25…

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Banks now seeking to repossess 1,000 properties a month

repossession

Banks are applying to the courts to repossess almost 1,000 homes a month, new figures show. he figures show there has been a 10-fold rise in the number of repossession proceedings being issued in the courts by all the banks since 2013. And most of the applications are for family homes. There were 11,500 applications…

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