As of the 1st of April 2015, businesses seeking loans from Microfinance Ireland (MFI) will no longer require commercial bank refusal before they can apply for lending from the government backed fund. This fund was establish in 2012 by the Irish government to help start-up, new or growing enterprises across all sectors. The Microenterprise Loan…
Read MoreThe Central Bank have announced an amendment to the mortgage restrictions. Up To 90% For First-time Buyers First-time buyers will be able to borrow 90% up to a value of €220,000. Above this value the 80% limit will apply. The new rules were announced on Tuesday 27 January 2015 and are effective immediately. An example of…
Read MoreA make-whole provision is a call provision attached to a bond/ loan. The borrower must make a payment to the lender which is equal to the net present value (NPV) of the coupon or interest payments that the lender will lose should the borrower pay off the bonds/loan early. Example 1. Take an example where
Read MoreThe Insolvency Service of Ireland (ISI) issued its statistics for Qtr 3 2014. To date in 2014, the ISI has dealt with cases involving c.€1billion. The percentage of debt written off under DSA’s and PIA’s was:- PIA – secured debt – average write off was 17% (range was 0% to 69%) PIA – unsecured debt…
Read MoreThe Central Bank have proposed mortgage restrictions for residential mortgage lending in an attempt to reduce the risk of another property market bubble. It is expected the restrictions will be introduced in January 2015. Proposed Restrictions: 1. Loan to Value (LTV) Cap a. Maximum borrowing of 80% of the house value i.e. 20% deposit required.…
Read MoreSection 132 of the Land and Conveyancing Law reform Act 2009 became effective on 28 February 2010 and it prohibits landlords including upward only provisions in leases. This has created 2 tiers of leases: Those created pre 28 February 2010 which will continue to have enforceable upward only clauses until the expiration of the lease,…
Read MoreThe Department of Finance reports monthly on the restructure situation in relation to all principal dwelling house (PDH) mortgages whether they are in arrears or not. This report involves the 6 main banks operating in Ireland and who represent 90% of the market – AIB, Bank of Ireland, PTSB, ACC, KBC Ireland & Ulster Bank.…
Read MoreThe Institute has been warning for some time that the earlier scheduling of Budget Day required to meet our Euro area obligations would also result in earlier pay and file dates for the self-employed. As we all know, for many years the Self-Assessment pay and file date has been 31 October, and usually is extended…
Read MoreAs George W. Bush said “It’s clearly a budget. It’s got a lot of numbers in it” In fairness the Finance Minister was faced with a difficult task, he had to reduce the budget deficit by €2.5 billion while trying to stimulate the economy and it is not possible to do this without inflicting some…
Read MoreSingle Euro Payments Area (SEPA) comes into effect on 1 February 2014 and will standardise Euro electronic payments across Europe. The countries in the SEPA include all the existing members of the EU, Iceland, Lichtenstein, Monaco, Norway and Switzerland. The aim is to improve the efficiency of cross-border payments and applies to transactions in Euro. …
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