Categorized as: Syndicated News

Central Bank figures show €400m in household debt written down over fourth quarter of 2012

The level of Irish household debt fell over the final three months of 2012 due, in part, to €400m worth of loans being written down by financial institutions.

Central Bank figures show €400m in household debt written down over fourth quarter of 2012

The level of Irish household debt fell over the final three months of 2012 due, in part, to €400m worth of loans being written down by financial institutions. The Central Bank’s latest financial accounts, for the final quarter of last year, show household debt fell by €2.9 billion during the period to €173.9 billion.

ECB cuts interest rate to new low of 0.5pc

The European Central Bank has bowed to pressure and delivered a 0.25pc interest rate cut. The move comes following a fall in inflation in the eurozone to a three-year low while record unemployment had increased pressure on the ECB to deliver a cut in interest rates.

Danske Bank Ireland reports pre-tax loss of €8.8m for first quarter of 2013

Danske Bank Ireland has reported a loss before tax of €8.8m for the three months to the end of March, as it said its overall performance was in line with expectations.

ECB reports weak lending in March

The European Central Bank said that bank lending to companies remains weak – another sign that the economy in the 17 countries that use the euro is still stuck in recession.

Bank staff warn of industrial action

Bank staff have threatened industrial action if further pay cuts are imposed. However, the Irish Bank Officials’ Association has given assurances that the public would not be hit. It said the action, if approved by its members, would take the form of non-cooperation with proposed re-structuring plans within the banks.

NAMA made €2.8 billion from asset sales in 2012

The National Asset Management Agency generated €2.8 billion last year from the disposal of assets, according to its results for 2012.The agency generated a total of €4.5 billion in cash last year, which includes rental income from properties in its portfolio.

Personal insolvency guidelines

The Government has launched the personal insolvency service this afternoon, which will see new arrangements for overburdened borrowers to reach agreement with their creditors. A website and phone number for debtors will also become operational today.

Personal Insolvency guidelines due today

The new guidelines on Personal Insolvency are to be published later today.They are expected to be based on the minimum income standards report which was published last year.

Noonan says Moody’s upgrade of Irish bonds likely

Minister for Finance Michael Noonan has raised the possibility of Ireland’s bonds being upgraded by rating agency Moody’s following yesterday’s deal to extend the maturities on EU bailout funds.Moody’s is the only agency to currently rank Irish bonds at junk status.

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