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Dublin: 8 °C Tuesday 10 December, 2019

#Financial Regulator

# financial-regulator - Monday 8 November, 2010

Credit unions may need major restructuring

The registrar of Credit Unions says some will not survive the downturn.

# financial-regulator - Tuesday 2 November, 2010

AIB pauses sale of UK units after poor bids AIB

AIB pauses sale of UK units after poor bids

Attempts to sell off the UK business bank and its NI operations fall flat.

# financial-regulator - Thursday 28 October, 2010

Bertie 'can only blame himself' for lax financial regulation Bertie Ahern

Bertie 'can only blame himself' for lax financial regulation

The former Taoiseach admits to a Polish newspaper that there should have been greater banking oversight.

# financial-regulator - Friday 15 October, 2010

Protection for tracker mortgages holders in arrears

Financial Regulator announces new customer protection proposals which include preventing lenders from forcing tracker mortgage holders to switch.

# financial-regulator - Monday 23 August, 2010

THE FINANCIAL REGULATOR says it’s time that tracker customers were informed of the implications of switching their mortgage.

Matthew Elderfield’s office today published the findings of a study into “switching practices relating to tracker mortgages.”

The findings have also been sent to all mortgage lenders, along with new measures the regulator says should be implemented immediately.

The study found:

[I]n some cases communication on the financial implications and consequences of switching were not fully transparent to the customer and that it was not always clear that if a customer moved from a tracker rate mortgage to an alternative interest rate (fixed, variable or other rate), for any reason, that their agreed tracker rate or an alternative tracker rate might not be available again in the future.

It did not find any evidence that customers were being offered incentives to switch from their tracker rate.

The regulator has requested that banks include new information regarding tracker mortgage switching in all customer communications.

# financial-regulator - Friday 13 August, 2010

THE CENTRAL Bank and Financial Regulator have published a report proposing methods to help people who are experiencing financial problems during the recession.

Read the report.

The paper outlines possible new regulations for dealing with those who are in mortgage arrears.

Under the proposed rules:

  • Banks and building societies would (still) have to wait 12 months before applying for a home repossession, if the person in arrears is cooperating
  • If homeowners sign up to a new repayment arrangement, the 12-month period would start only when they fall into arrears under the new scheme
  • Information must be provided to borrowers in clear English when they go into arrears
  • Lenders would have to wait for the outcome of any complaint or appeals process before applying for repossession of a home
  • Lenders would be required to explore “all viable options” and alternative repayment measures with homeowner
  • Lenders would be stopped from forcing people to switch from a tracker mortgage to another type of mortgage
  • Lenders would be required to set up an appeals process for homeowners
  • Lenders would be required to have in place a Mortgage Arrears Resolution Process (MARP) as a framework for handling arrears and pre-arrears cases

The Mortgage Arrears and Personal Debt Expert Group, who put together the proposals, are seeking feedback from any interested parties. It asks that all suggestions be made by 3 September.

Find more information on the Financial Regulator‘s website, or email suggestions (which you would not mind being published publicly) to:

# financial-regulator - Tuesday 27 July, 2010

CREDIT UNIONS are the next financial institutions to be examined by the Central Bank and the Financial Regulator. Minsiter Lenihan requested the review of the credit unions to identify the laws and regulation required for the sector.

The first phase of the review will focus on the finances and risk profiles of credit unions across Ireland.

A joint statement from the Central Bank and the Financial Regulator today said:

In the current challenging economic environment it is important in the interest of members and the sector as a whole that there is a strong and healthy credit union sector.

They said that “strong leadership” of the credit unions will be necessary for steering them through “these uncertain times.”

There are over 500 credit unions with 2.9 million members in Ireland, according to the Irish League of Credit Unions.