The Bank of Ireland has today reported its losses narrowed – surprising analysts. The country’s biggest lender said net losses for 2010 totalled €609 million (£5.44 million) – analysts had expected at least double due to the problems in Ireland’s banking sector. The bank performed well under recent stress tests and its shares were up [...]
It has been revealed that Ireland’s lenders will need an additional €24 billion (£21 billion) to weather the financial crisis. These were the findings of the stress tests conducted on Ireland’s banks – Allied Irish Banks, Bank of Ireland, Educational Building Society (EBS) and the Irish Life & Permanent. The latest stress tests were deemed [...]
Bank of Ireland has today revealed it is looking to raise €2.2 billion (£1.86 billion) of capital, in a move designed to meet the conditions of the country’s bailout package. The capital raising would bring the crisis-torn lender close to nationalisation. The bank is currently 36% owned by the Government and the news emerged shortly [...]
Two of Ireland’s most important financial institutions demonstrated their resilience this week by passing a European stress test. The Bank of Ireland and AIB passed the test conducted by the Committee of European Banking Supervisors in partnership with the European Central Bank. The test measured the banks’ potential to survive intact through difficult economic circumstances. [...]
The Post Office has launched new mortgage deals with first-time buyers in mind. The lender is not only happy with a minimum deposit of 10% but is also allowing borrowers to choose between an interest only and capital plus interest repayment option. For a two-year fix the rate is 5.45%, for a five-year 5.99%, and [...]
Bank of Ireland has announced plans to raise €3.4 billion (£2.9 billion) through a rights issue and private placing, in order to meet its capital needs and aid its recovery from the financial crisis. Last month the bank, which is the Irish Republic’s biggest lender, said there is no let up from the ongoing crisis [...]
Anglo Irish Bank, which was nationalised in January 2009, has admitted to experiencing a difficult 15-months. The bank has announced it made a loss of €12.7 billion (£11.4 billion) for the 15 months to the end of December. The news came just a day after the Bank of Ireland reported a loss of €1.8 billion [...]
The Bank of Ireland has today reported a loss of €3 billion (£2.6 billion) in the first nine months of its financial year, with write-downs totalling €4 billion. In a statement, the bank said: “Revenues remain under pressure, in particular due to higher funding costs as we continue to extend the maturity profile of our [...]
Both Northern Rock and the Post Office have launched new mortgage deals with lower rates. The Post Office has cut the cost of its Bank of Ireland lifetime tracker loans from 3.29% to 2.99%, or from 3.59% to 3.49%, dependent upon the loan-to-value ratio. Bank of Ireland has also reduced the price of its five-year [...]
The Government has outlined plans for the Post Office to become a ‘people’s bank’ by offering financial products. The proposals, led by Business Secretary Lord Peter Mandelson, will create a ‘People’s Bank’, which will see Post Office outlets as the backbone of a new national bank. According to the Government, the plans will turn the [...]
Bank of Ireland has today reported a pre-tax loss of €979 million for the six months to the end of September, compared to a profit of €647 million in the same period a year ago. The bank described the last six months as “difficult” and said it was very cautious about future economic prospects, adding [...]
Allied Irish Bank (AIB) and Bank of Ireland are set to receive €3.5 billion each from the Irish Government and are in discussions on providing insurance against potential losses from bad debts arising from constructions projects and land deals. Under the terms, should any loans have to be written off, the Government will take 80% [...]
The Irish Government has confirmed it is to provide €5.5billion (£5.12 billion) to the country’s three biggest banks. The three struggling banks, which are the Bank of Ireland, AIB (Allied Irish Bank), and Anglo-Irish, are to receive the funds in return for shares. Anglo-Irish is set to receive €1.5 billion in return for 75% shares [...]
M&S Money launches 3% cash ISA
M&S Money has launched an Advantage Cash ISA paying 3 per cent, and which allows transfers in from other ISAs. It can be opened with a minimum deposit of £100 lump sum followed by minimum monthly deposits of £25. The 3% rate is variable, but there is no short-term bonus so the return won’t plummet [...]
Google suspends UK Compare Mortgages site
Google has closed its UK mortgage comparison site which it launched in July last year, after it proved to be less popular than expected. Mortgage comparison sites are designed to allow visitors to compare mortgages quickly and easily without having to visit each lender’s individual site. Google was competing with several well-established comparison sites, including [...]
AA launches ‘black-box’ policy for young drivers
The AA is launching an innovative car insurance policy called Drivesafe which could help younger drivers save up to £850 a year. Younger drivers already pay substantially higher premiums than other motorists and these costs are increasing. A new study by Confused.com suggests insurance costs for younger driver have gone up by 5.7 per cent [...]
ATOL scheme updated to protect online bookers
ATOL, a financial protection scheme managed by the Civil Aviation Authority, is being extended to protect up to six million more holidays a year. The scheme ensures that holiday makers do not lose out financially if a travel company collapses, and that they are not stranded abroad. An increase in the number of holidays booked [...]
Home repossessions lowest for four years
The number of UK homes repossessed fell to 36,200 in 2011, significantly below the Council of Mortgage Lenders’ forecast of 40,000, and lower than 2010 when 37,100 homes were repossessed. With interest rates remaining low and lenders adopting a sympathetic attitude to customers in financial difficulty, repossessions fell to their lowest level since 2007. However, [...]
Monthly pay lasting just 17 days
Workers are running out of money just 17 days after receiving their monthly pay, according to new research by the Halifax bank. This means that the average UK worker spends half the month worrying about money. The study, based on the responses of more than 2,000 adults, found that 10 per cent of workers start [...]
Women disadvantaged by auto-enrolment changes
Government proposals to increase the auto-enrolment threshold to £10,000 could put 1.8 million women at risk of missing out on a pension, the TUC has warned. Under the auto-enrolment scheme, which will be phased in from October, private sector employers will automatically enrol workers between the age of 22 years and the state pension age, [...]
Emergency household repairs company Homeserve is taking longer than expected to get back on track after its operations were suspended last October. The company expected customer numbers to fall by 5% this year but it has increased this estimate to 8% and announced the loss of 200 jobs. It estimates that renewal revenue in 2013 [...]
Sale rumoured for Yorkshire and Clydesdale banks
There is growing speculation that National Australia Bank (NAB) may sell Yorkshire Bank and Clydesdale Bank after the Australian parent company announced a strategic review of the two banks’ operations. The Australian economy is performing well and NAB reported strong profits for the final quarter of 2011 but with the UK economy at a virtual [...]
More women experiencing debt difficulties
Women in Debt, which offers female-focused debt advice, has warned that the number of UK women facing serious debt has grown significantly over recent years. The organisation believes that more women will need advice on solving debt problems in the future because they are building up an unsustainable level of indebtedness. Women in Debt’s director, [...]
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