The Professional Insurance Brokers Association (PIBA) chief operations officer, Rachel McGovern, said that the easing of the restrictions was welcomed. However, she also went on to say that, by not altering the rules for existing homeowners, the regulator’s decision was “very unjust”.
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In an article published on 26 August 2016 by the Irish Independent, Charlie Weston discusses the mortgage rate battle that ensued among the major banks in Ireland as they cut down on their mortgage prices to attract borrowers.
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In an article published in icas.com on April 6, 2016, Mr. David Menzies, the Director of Insolvency covered the changes to Northern Ireland’s insolvency legislation. The modifications affect insolvency cases, the authorisation of IP’s in representing their clients, both companies and individuals, and the new measures introduced to strengthen the regulatory framework to further elevate the trust for the profession.
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The Irish mortgage market currently has almost 16 percent of its loans dating back to more than 90 days in arrears, according to data produced by Germany’s Deutsche Bank.
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Insolvency has been an issue for many with the recent economic depression. 2015 figures released by the government have shown a decrease in Irish insolvency. But is this a true reflection of the state of the country?
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Buying a home in Northern Ireland has become too hard for many people. The Irish mortgage market has been described as “dysfunctional”, and is not allowing demand for house purchases to be met.
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Philip Lane, Governor of the Central Bank of Ireland, has taken the decision to relax existing rules regarding mortgages in Northern Ireland. Taking effect as from January 2017, this new set of measures will mean that more people can afford to jump on the property ladder and allow certain families to sit back.
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There are times when debts can pile up, and you may find yourself unable to pay them all. If you find that your debts are greater than your income, there are several options available to you to help manage them. One option, although quite extreme, is bankruptcy.
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In an article published in the online version of Irish Times on 19 December 2016, the latest updates on Central Bank’s examination of tracker mortgages are discussed. The new moves will create changes to the bank’s current mortgage rules and aims at providing easier loan requirements for borrowers.
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The European Central Bank (ECB) considers that the Central Bank of Ireland’s (CBI) decision to legislate regarding mortgage rates could be tantamount to a possible conflict of interest. In a 15-page opinion paper, ECB president Mario Draghi wrote that the Bill, if voted by Irish parliamentarians, would harm the banking sector in Ireland and by extension the Euro zone. The draft law would also forbid banks to claim different rates to existing and new clients.
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