Find out everything you need to know about Ireland's economy, including the latest mortgage arrears figures, AIB returning to profit for the first time since the crash and which company has revealed it is to sell almost 3% of Bank of Ireland shares.
The Deloitte M&A Index is a forward-looking indicator that forecasts future global M&A deal volumes and identifies the factors influencing conditions for dealmaking.
The Elevator, Private Equity Magazine Editor, Patrick Gruhn discusses the impact of the current world financial crisis on the Alternative Investment fund Industry with Julian Stockley-Smith, Joint CEO of Geneva based JP Fund Services SA
The Deloitte M&A Index is a forward-looking indicator that forecasts future global M&A deal volumes and identifies the factors influencing conditions for dealmaking.
The Elevator, Private Equity Magazine Editor, Patrick Gruhn discusses the impact of the current world financial crisis on the Alternative Investment fund Industry with Julian Stockley-Smith, Joint CEO of Geneva based JP Fund Services SA
Slides that accompanied the Q3 2019 Quarterly Investment Briefing for West of England on 28th November. The event saw presentations from Paul Jones (British Business Bank), Simon Tutton & Fuschia Curry (Deepbridge Capital), Rosie Bennett (SETsquared) and Harry Destecroix (UnitDX/Carbometrics/Ziylo)
Slides 61-63 include information about those 26 companies that are actively raising investment in Q4 2019. Check out the disclaimer - these aren't recommendations, just information.
StockTakers proprietary information charity to small investors proving AlphaSmart gains through capital safety and liquidity NYSE 28.27% and TSX 30.91% in 2013 we add new portfolios for 2014 tax sheltering incomes
Continued focus on our customer offering. We are continuing our intensive work in further developing our customer offer. Work with the new regulations continues as planned.
ADVANCED PAYLOADS
The MA THOR Twin system provides versatile multi-payload configurations utilizing cutting edge sensors and systems with modular installation to accomplish a wide variety of missions. The advanced modular MA THOR Twin UAS architecture separates safety critical flight systems from mission systems providing great flexibility and cost optimization in integration of new and indigenous payloads.
www.marquesaviation.com
Slides that accompanied the Q3 2019 Quarterly Investment Briefing for West of England on 28th November. The event saw presentations from Paul Jones (British Business Bank), Simon Tutton & Fuschia Curry (Deepbridge Capital), Rosie Bennett (SETsquared) and Harry Destecroix (UnitDX/Carbometrics/Ziylo)
Slides 61-63 include information about those 26 companies that are actively raising investment in Q4 2019. Check out the disclaimer - these aren't recommendations, just information.
StockTakers proprietary information charity to small investors proving AlphaSmart gains through capital safety and liquidity NYSE 28.27% and TSX 30.91% in 2013 we add new portfolios for 2014 tax sheltering incomes
Continued focus on our customer offering. We are continuing our intensive work in further developing our customer offer. Work with the new regulations continues as planned.
ADVANCED PAYLOADS
The MA THOR Twin system provides versatile multi-payload configurations utilizing cutting edge sensors and systems with modular installation to accomplish a wide variety of missions. The advanced modular MA THOR Twin UAS architecture separates safety critical flight systems from mission systems providing great flexibility and cost optimization in integration of new and indigenous payloads.
www.marquesaviation.com
מצגת מהקורס "מסחר באופציות מעוף" עם אלון סלע
צפייה בניהול תיק אופציות מעו"ף :
https://options100.wordpress.com/
תיק אופציות מעו"ף מתעדכן באופן שוטף לאורך החודש.
Here you can find out everything you need to know about the UK's latest financial and economic data, including the HSBC Swiss bank account scandal, house prices, the unemployment rate and Fitch's views on the purchase of UK mortgage servicers.
MMR and the implications for Mortgage OriginationHML Ltd
HML recently held a webinar about MMR and the implications for mortgage origination, this was chaired by Richard Hennah from HML, Michael Coogan at Deloitte and Claire Davey from Skipton Building Society.
Addressing the issue of mortgage arrears in Ireland: a good practice guide fr...HML Ltd
This good practice white paper details HML’s experience of managing mortgage arrears in Ireland, with our main focus on ensuring the most sustainable outcomes for customers. With banks in the country currently under increasing pressure from the Central Bank of Ireland (CBI) to not only propose sustainable solutions to customers, but to also complete deals, a significant amount of resources will need putting into arrears management and collections. Not every bank, mortgage portfolio owner or other stakeholders may have the capacity to ramp up customer contact and collections, which is where HML can prove to be of assistance. We have been servicing Irish lenders’ loan portfolios since 2005 and have in-depth knowledge and experience of Ireland’s unique financial environment, making us ideally situated to help banks meet their CBI targets.
At HML, we believe Standard Financial Statement (SFS) engagement with the borrower should be at the heart of any successful arrears management strategy, as this is the gateway to the Mortgage Arrears Resolution Process (MARP). Once within MARP, mortgage customers can evidence they are engaging with their lender, which – to a point – protects the borrower from repossession. Cash collection also increases when a customer is within MARP, which is beneficial to both the borrower and their lender.
This white paper will take you through the process of managing Irish mortgage accounts in arrears, from ensuring SFS completion and engaging with MARP to sustainable restructures and the next steps lenders need to take in order to meet their CBI targets. We will draw upon our experience and provide a case study as an example of where a client has seen considerable success after HML supported its arrears management strategy and collections operations.
A round-up of the latest UK economic news, including a reminder of the key announcements in George Osborne's Budget, inflation falling to 0%, the latest unemployment figures and David Cameron's comments about his re-election.
The professional recruitment market as a whole has continued the trend from the back end of last year by growing steadily in terms of absolute job numbers by between 5% and 12% so far this year; a good indicator of market sentiment.
We have also found in Q1 2015 versus the same period last year that firms are committed to hiring when they go to market, not just scoping out the possibilities. As you will see in our market breakdown of the legal sector, firms are now moving quickly to secure talent and are offering competitive packages up front to secure the best people.
2015 was an interesting year for the UK trade credit insurance market. There have been soft market conditions and premium rates have been at historically low levels, with the size and frequency of claims increasing alongside this. In 2016 we expect market conditions to remain competitive and pricing to stabilise. This is due to the claims environment and global uncertainty from commodity price volatility, the Chinese stock market and a potential housing bubble in the UK.
Here you can find everything you need to know about the UK's financial services sector, including the latest house price, base rate, inflation and unemployment figures.
IMAP Financial Services sector Leaders: Jonathan Dalton and Khelan Dattani share insights into the global Financial Services sector. They look at how and why the COVID pandemic affected certain geographies and subsectors more than others and the subsequent impact on deal volumes and valuations. They identify the key areas of growth and common trends driving activity across the globe and examine why the sector is becoming increasingly attractive to PE investors, pinpointing opportunities for buyers and sellers.
HML's October 2014 Commercial Bulletin contains all of the key economic data from the month, including the 6% unemployment rate, the European Union bill and the latest update from the financial sector.
IMAP demonstrated its leadership in the M&A market once more, closing 92 transactions worth over $3 billion in the first half of 2023.
Cautious dealmaking due to global uncertainty, high interest rates, and the unresolved U.S. debt ceiling issue, meant global M&A activity experienced a significant decline of 36% in the second quarter of 2023. However, with the gradual recovery of the stock market, there is hope for restoring CEOs’ confidence in engaging in M&A deals. Furthermore, despite the decline, experts believe the M&A market still holds potential for future growth and resurgence.
The most active sectors in terms of volume were Business Services, Industrials, Technology, and Consumer & Retail,
accounting for 62% of total IMAP deal volume. However, in terms of deal value, the most active sectors were Healthcare, Technology, Consumer & Retail, and Industrials, representing 58% of total deal value. Europe was the most impacted region in terms of deal activity, following market trends.
Legal & General Surveying Services have published an interview with Robert Sinclair, Chief Executive at AMI and AFB, in their magazine Perspective.
Robert Sinclair, Chief Executive at AMI and AFB, helped establish the Association of Mortgage Intermediaries (AMI) as an independent entity in 2012. He joined the former parent trade body, AIFA, in October 2006, initially looking after the Association of Finance Brokers. He looks after the day-to-day running of AMI and AFB delivering member information and services, lobbying regulators and policy-makers and developing press relations.
iDeal Magazine is a quarterly publication which is specially produced and written with business owners in mind.
iDeal Magazine highlights some of the most recent deals BCMS has completed, offering a real insight into the mechanical and emotional processes involved with selling a business.
The publication also incorporates industry news, business updates as well as other business related information.
Sign up here http://www.bcmscorporate.com/business-sale-news-magazine
Mercer Capital's Portfolio Valuation: Private Equity and Credit | Q1 2020Mercer Capital
Mercer Capital's Portfolio Valuation: Private Equity and Venture Capital Marks and Trends Newsletter provides a brief digest and commentary of some of the most relevant market trends influencing the fair value regarding private equity portfolio investments.
Here you will find a concise round-up of Ireland's financial services sector, as well as key stats such as the unemployment rate, inflation and house prices.
IMAP closed 47 M&A transactions valued at over $2 billion in the first quarter of 2023. While the figure was down from previous quarters it was not as low as initially expected. At the macro level, interest rate hikes, persistently high inflation, financial market instability, and fears of a recession put a damper on dealmaking activity. At the transaction level, IMAP dealmakers have reported that sellers are struggling to find good buyers and disappointed with relatively low valuations, while the lack of financing is diminishing appetite among potential acquirers. Despite these challenging conditions, the market is not entirely paralyzed. High quality businesses with strong margins and defensive growth profiles continue to attract interest from well positioned strategic buyers. Financial buyers have been much less aggressive due to the high cost of capital.
Business Services, Industrials, Consumer & Retail, and Building Products & Services were the most active sectors, accounting for 60% of total IMAP deal volume. Approximately 32% of the transactions were cross-border, which is consistent with previous quarters and reflects IMAP’s global nature. The bulk of IMAP’s Q1 deals involved a target company in either Europe or North America, with deal flow slightly more limited in Asia and Latin America.
IFRS9 is a new international accounting standard that will affect debt owners, including mortgage lenders and Special Purpose Vehicles, from January 2018. It will replace IAS39.
At present under IAS39, lenders need to calculate an expected loss value for just those accounts that are impaired. Under IFRS9, a lender must reassess the probability of any of their customers defaulting and the resulting expected losses for all exposures - and this will need to be carried out each reporting period.
This white paper explains the challenges IFRS9 presents and how HML’s can help lenders and SPVs with accurate provisioning.
IFRS9; the challenges mortgage portfolio owners faceHML Ltd
IFRS9 is a new accounting standard that will affect European and UK mortgage lenders and Special Purpose Vehicles (SPVs) from January 2018. It will replace IAS39.
The challenge for lenders and SPVs
• Historic data will be required to carry out the new calculations
• New systems, scorecards and processes will need to be developed
• There could be a 50% increase in impairment charges as a result of IFRS9 – and potentially more (Deloitte survey, 2014)
• IFRS9 requires constant monitoring and reporting
• Your people may need to be upskilled
HML's Ireland October 2014 Commercial Bulletin contains all of the latest Ireland economic and financial data, including house prices, the unemployment rate and a Budget blog from Angela Keegan at Myhome.ie.
Everything you need to know about the top economic stories from September 2014, including the Bank of England base rate voting split, lower unemployment rate and the No vote for Scottish independence.
HML's Interest-Only Mortgages Presentation to the Building Societies Associat...HML Ltd
HML director of products and marketing John Grimbaldeston recently presented at the Building Societies Association's Arrears and Possessions Seminar.
This presentation draws on good practice, HML's experience of interest-only mortgages customer contact and touches upon the major challenges lenders face.
Dealing fairly with interest-only customers; a good practice guide from HML -...HML Ltd
Since the original version of our Interest-Only Good Practice Guide, the Financial Conduct Authority has published its finalised guidance into interest-only mortgages. This latest version contains the updates between the thematic review and the finalised guidance to help you shape your customer communication strategies.
Destination 100%: the evolutionary journey to a total quality concept in the ...HML Ltd
Since the original version of Destination 100%, HML has received upgrades from Fitch and has opened an operational base in Dublin. This latest version contains this new information, which stands us in good stead for our journey to Destination 100%.
HML's Mortgage Investor Report provides unique insight into the UK mortgage industry, including the rise of arrears rates through the recession and the fall during the
subsequent recovery.
This insight on account performance, including arrears, redemption and repossession, enables our clients to make confident and effective decisions in areas such as new
lending, portfolio and strategy benchmarking, risk management and capital calculations.
Destination 100%: The evolutionary journey to a total quality concept in the ...HML Ltd
This whitepaper details HML's journey to a total quality concept in the mortgage servicing industry, where the customer is placed at the centre of everything we do. We continue to strive towards a completely safe and fair environment for customers, and we aim to shift our and the industry's mindset to 100%.
At the end of 2011, HML was managing nearly one in five of all
arrears cases in the UK. HML’s chief executive Andrew Jones talks
about how the servicing industry has adjusted to the challenges and
how it can help lenders go about their business in the future
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
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Contact with Dawood Bhai Just call on +92322-6382012 and we'll help you. We'll solve all your problems within 12 to 24 hours and with 101% guarantee and with astrology systematic. If you want to take any personal or professional advice then also you can call us on +92322-6382012 , ONLINE LOVE PROBLEM & Other all types of Daily Life Problem's.Then CALL or WHATSAPP us on +92322-6382012 and Get all these problems solutions here by Amil Baba DAWOOD BANGALI
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how can I sell my pi coins for cash in a pi APPDOT TECH
You can't sell your pi coins in the pi network app. because it is not listed yet on any exchange.
The only way you can sell is by trading your pi coins with an investor (a person looking forward to hold massive amounts of pi coins before mainnet launch) .
You don't need to meet the investor directly all the trades are done with a pi vendor/merchant (a person that buys the pi coins from miners and resell it to investors)
I Will leave The telegram contact of my personal pi vendor, if you are finding a legitimate one.
@Pi_vendor_247
#pi network
#pi coins
#money
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
Resume
• Real GDP growth slowed down due to problems with access to electricity caused by the destruction of manoeuvrable electricity generation by Russian drones and missiles.
• Exports and imports continued growing due to better logistics through the Ukrainian sea corridor and road. Polish farmers and drivers stopped blocking borders at the end of April.
• In April, both the Tax and Customs Services over-executed the revenue plan. Moreover, the NBU transferred twice the planned profit to the budget.
• The European side approved the Ukraine Plan, which the government adopted to determine indicators for the Ukraine Facility. That approval will allow Ukraine to receive a EUR 1.9 bn loan from the EU in May. At the same time, the EU provided Ukraine with a EUR 1.5 bn loan in April, as the government fulfilled five indicators under the Ukraine Plan.
• The USA has finally approved an aid package for Ukraine, which includes USD 7.8 bn of budget support; however, the conditions and timing of the assistance are still unknown.
• As in March, annual consumer inflation amounted to 3.2% yoy in April.
• At the April monetary policy meeting, the NBU again reduced the key policy rate from 14.5% to 13.5% per annum.
• Over the past four weeks, the hryvnia exchange rate has stabilized in the UAH 39-40 per USD range.
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
1. March 2015
Ireland’s economy is expected to enjoy robust growth in 2015,
according to the IMF
AIB has announced its first annual profit since 2008
The FCA has approved the purchase of Topaz by SMS
2. HML News
Guest blog: Fred Crawley,
Credit Today - IFRS9; lay
the groundwork now to
avoid a last-minute rush
Fred Crawley, Managing Editor of Credit
Today, explains why with a 2018 deadline
IFRS9 may not seem urgent, but could
result in a last-minute panic for mortgage
portfolio owners if they do not lay the
groundwork now.
One theory of time management, attributed to
US President Dwight D. Eisenhower, has it
that “what is important is seldom urgent, and
what is urgent is seldom important”.
You’d be hard pressed to find an environment
that proves the exception to this rule more
neatly than the world of credit provision as it
goes through Financial Conduct Authority
(FCA) authorisation.
In the face of a regulator that has already
shown its teeth, and which is demanding
considerable administrative feats from firms, it
seems that compliance has become the
perennial hot topic: the task that is both
important and urgent.
Nevertheless, Eisenhower still has a lesson for
the market: companies that overlook important
issues beyond those that are most urgent, do
so very much at their own risk.
For me, the implementation of IFRS9 (and the
changes it will prompt for creditors) falls solidly
into this category of important but not urgent.
IFRS9 – important but not urgent?
Because while it may not seem pressing at the
moment – the change in reporting standards
won’t come into force until January 2018 – it’s
certainly important, requiring a massive rethink
on the part of any business that deals with
default risk.
The implementation will require lenders to
assess the probability of default on all
exposures, not just impaired accounts, and
make provisions for loss accordingly. As a
result, there may well be significant increases in
impairment charges across the industry.
Not only this, but businesses will need to be
sitting on a long tail of historic performance data
in order to handle this new approach to
provisioning: the bottom line is that the
groundwork for IFRS9 needs to be laid now.
If you look at things in this way, IFRS9 may be
a more urgent issue than it seems: at the very
least, it is an issue lenders still have a chance
to confront before a sense of urgency develops.
Continued over the page
3. HML News
What this means for debt purchasers
I’ve been interested to find out what IFRS9
means for the mortgage business, and also for
other verticals covered by Credit Today, for
example debt purchase. In the case of those in
the business of buying books of debt, the
changes wrought could have a dramatic effect
on portfolio pricing – and yet planning for
IFRS9 has taken a solid back seat to
discussion of FCA compliance, at least in the
discussions I have been a part of.
As such, Credit Today will be working with
HML to broadcast a webinar later this year,
looking at what businesses must do now in
terms of tracking, scorecarding, and data
curation to ensure they aren’t caught out come
2018. HML has been a good partner to work
with on this project due to the sheer amount of
mortgage data the business is sitting on – with
data for more than one million accounts on file,
covering all sorts of risk profile, it is in a good
position to model outcomes.
Indeed, during the broadcast, we hope to be
able to use some of this information for live
presentation, forecasting what may happen to
impairment charges across a number of
different portfolio types, in a number of
different circumstances, following the
implementation of the new standard.
As well as looking at HML’s core market in
property, we may also look to extend the
analysis to look at what material impact IFRS9
could have on other sectors, such as motor
finance and debt purchase, as mentioned
above.
It will be interesting to see what findings
emerge in the webinar, but even before the
number crunching one message is clear: this
is an issue that portfolio holders should flag as
important before it becomes urgent.
Disclaimer: The views expressed in this blog are Fred
Crawley's and do not necessarily reflect those of HML
Overview of the MFG
Conference.
The Mortgage Finance Gazette’s inaugural
conference was held at The Gibson Hall,
Bishopsgate, London on 11th March 2015. HML
sponsored the conference and the lunch and
our commercial director Paul Fryers spoke at
the event.
Originate, securitise, trade and repeat
Paul spoke to delegates about whether we will
see the return of the create and trade model. At
the start of 2014, HML expected several new
lenders to enter the mortgage market as a result
of lower securitisation costs, increasing house
prices and improved economic sentiment.
Indeed, we have seen new challengers to
traditional lending enter the sector, such as
Harrods Bank and Charter Savings Bank and a
consolidation in the position of existing
challengers such as Aldermore and Paragon.
The Council of Mortgage Lenders has said that
gross mortgage lending is set to climb to £222
billion in 2015, up from £206 billion last year.
This is expected to increase further still in 2016
to £240 billion. There appears to be plenty of
opportunity for new lenders to come to the fore,
as well as alternative funding lines. Two
questions can be asked; is the dominance of
big banks about to be shaken up by specialist
and niche lenders and are we set to see a re-
emergence of the originate-securitise-trade
cycle?
Securitisation fell out of favour following the
economic downturn, but when used correctly, it
can increase the supply of credit, in turn
supporting financial recovery.
Continued over the page
4. HML News
Unlike some deals at the height of the boom,
today’s securitisation deals are much clearer,
with extensive ongoing loan level reporting. It
is telling that the regulator and the Bank of
England have asserted their confidence in
securitisation, so long as it is deployed in the
right way.
Investors, asset traders and lenders coming to
prominence are in a much stronger position
(thanks to improved confidence and macro-
economics) to originate new loans, securitise
their portfolios and trade - raising funds and
repeating the process. Portfolio trades can be
a robust foundation for asset traders to quickly
scale up, enabling them to expand the
originate-securitise-trade model to maximise
return on investment.
FCA approval received for
SMS acquisition of Topaz.
Specialist Mortgage Services (SMS), a
subsidiary of mortgage administration
company HML, has received Financial
Conduct Authority (FCA) approval for its
acquisition of Topaz Finance Limited (Topaz)
from the Royal Bank of Scotland.
Topaz is the master servicer for approximately
£700 million of residential mortgages held in
the Uropa Series I and Series II
securitisations. SMS is a specialist manager of
mortgage portfolios, managing master
servicing and applying its advanced analytics
and mortgage expertise to enhance the
performance of mortgage portfolios on behalf
of the beneficial owners of those assets.
Andrew Freeley, managing director of
SMS and proposition director at HML,
said: “We are delighted that the FCA has
approved the purchase of Topaz. The acquisition
of Topaz supports our strategy, giving us further
scale and enhanced capability in mortgage
portfolio management. With HML being the clear
market leader in mortgage servicing, the ability to
deliver the most advanced end-to-end mortgage
management solution in the market sets us apart
from our competitors.
“The commitment by Computershare to grow the
loan servicing business is significant and the
acquisition by SMS of Topaz is an important part of
this strategy. Now we have FCA approval, we can
progress our plans to grow our business and
support asset traders and other investors in their
mortgage portfolio acquisition strategies.”
5. Industry Statistics
Date reflects what the statistic was during that period, rather than when the statistic was published
Consumer Price Index (Central
Statistics Office)
FEB ‘15
-0.5%
JAN ‘15
-0.6%
DEC ‘14
-0.3%
European Central Bank (ECB)
Base Rate
MAR ‘15
0.05%
FEB ‘15
0.05%
JAN ‘15
0.05%
Unemployment Rate (Central
Statistics Office)
FEB ‘15
10.1%
JAN ‘15
10.3%
DEC ‘14
10.6%
Average National House Prices
(Myhome.ie)
Q4 ‘14
Up 0.6% from Q3
€194,000
Q3 ‘14
Up 1.4% from Q2
€193,000
Q2 ‘14
Up 1.3% from Q1
€190,216
Arrears
(Central Bank of Ireland - CBI)
PDH – total
PDH – 90 days+
BTL – total
BTL – 90 days+
Q4 ’14
110,366
78,699
35,583
29,224
Q3 ’14
117,889
84,955
38,463
31,619
Q2 ’14
126,005
90,343
39.669
31,749
Home Repossessions (CBI)
PDH
BTL
Q4 ‘14
1,393
634
Q3 ‘14
1,274
634
Q2 ‘14
1,110
611
6. Industry Statistics
Consumer Price Index
The CPI in February was 0.5% lower than the
same month in 2014. Notable downward
pressures came from the Transport (7%),
Clothing and Footwear (3%) and Food and
Non-Alcoholic Beverages (2.9%) sectors.
ECB Interest Rate
The ECB base rate remained at 0.05% in
March. Mario Draghi, president of the
ECB, said: “We have already seen a
significant number of positive effects from
these monetary policy decisions. Financial
market conditions and the cost of external
finance for the private economy have eased
further, also following our previous monetary
policy measures. In particular, borrowing
conditions for firms and households have
improved considerably. Moreover, money and
credit dynamics have been firming.”
Unemployment Rate
The unemployment rate stood at 10.1% in
February 2015, down from 10.3% in January.
This represents 355,600 individuals
unemployed when seasonally adjusted.
House Prices
The national average house price in Ireland
stood at €194,000 in Q4 2014, a 0.6%
increase on the previous quarter, according to
Myhome.ie’s analysis of asking prices.
During 2014, house prices rose nationally by
2.6%, the strongest year for value growth
since Q2 2007.
Angela Keegan, managing director
of Myhome.ie, said: “The Property Price
Register indicates that in the year to
September over 27,000 transactions had
taken place.
Based on current trends, total transactions in
2014 look set to hit the 40,000 mark, an
increase of 38% on the 29,000 recorded in
2013. This is very heartening and while still
short of the level required for a properly
functioning property market it shows the
recovery is gaining ground.”
Arrears
Principal Dwelling Houses (PDH)
The number of PDH mortgage accounts in
arrears declined by 6.4% between Q3 2014 and
Q4 2014. Out of the total mortgage accounts,
14.5% were in arrears, representing 110,366.
The number of PDH mortgage accounts in over
90 days of arrears also declined during Q4,
falling by 7.4%. These accounts totalled 78,699
10.4% of all the PDH mortgages in arrears.
Accounts in arrears of more than 720 days
increased in number by 294 during Q4, the
lowest increase recorded to date. The total
outstanding balance on accounts over 720 days
in arrears was €8.2 billion, 7.9% of total
outstanding balances.
Buy-to-let (BTL)
The number of BTL mortgage accounts in
arrears decreased between Q3 and Q4 2014 to
35,583 (25,2% of the total accounts).
Home Repossessions
At the end of Q4 2014, there were 1,393 PDHs
and 634 BTLs in lenders’ possession. Of the
PDHs, 429 were taken into possession during
the quarter, 123 of which were the result of a
court order, while 306 were abandoned or
voluntarily surrendered.
7. Top News Stories
Ireland will enjoy robust
economic growth in 2015.
This is according to a new report from the
International Monetary Fund (IMF), which
noted that falling energy prices have helped to
aid increased consumption.
The country is also experiencing a
combination of improving bank profitability,
climbing mortgage approvals and the support
of low-cost funding channels for lenders.
With the budget forecast to have a 2.7% of
GDP deficit this year, Ireland looks set to exit
the EU’s Excessive Deficit Procedure.
The IMF report stated: “Executive
Directors welcomed Ireland’s strong economic
recovery, the further decline in unemployment,
and the strengthened fiscal balances.
“They noted that medium-term growth
prospects appear favorable, though facing
headwinds from risks of protracted slow
growth in advanced economies, especially the
euro area.
“Directors agreed that the priority is to
maintain solid growth, which would require
continued prudence in fiscal and financial
policies to build policy space, while addressing
legacy issues in the banking and housing
sectors.”
Owners of sub-prime
mortgages are increasing
legal action against
customers.
Michael McGrath, Fianna Fáil’s finance
spokesman, made the comments after
requesting arrears statistics from finance
minister Michael Noonan.
The figures show that at the end of December,
19,935 mortgages issued by sub-prime lenders
were in arrears of 90 days or more. This is an
increase from the 18,064 noted at the end of
September.
The sub-prime sector accounts for 18.6% of all
residential mortgages that are in arrears of
more than 90 days.
Mr McGrath commented: “There is a
clear need for a specific response to the
problems of this sector including clear targets
for resolution measures. The first proposal I
would make it to extend the Mortgage Arrears
Resolution Targets to the sector. Currently, the
targets only apply to the six main banks
operating in the state.
“In addition, there would be considerable merit
in establishing a dedicated mortgage to rent
scheme targeting this group of loans which
would potentially prevent thousands of families
from being evicted from their homes. Finally, the
Central Bank investigation in to the sector
needs to be expedited as the people affected
need practical support now.”
AIB has made its first annual
profit since 2008.
The bank revealed group pre-tax profit of €1.1
billion for the year ended December 31st 2014, a
€2.8 billion improvement on 2013.
In addition, the total number of impaired loans
has fallen by almost a quarter since December
2013 and the number of accounts in arrears for
owner-occupiers has declined by 22%.
Continued over the page
8. Top News Stories
AIB’s chief executive officer David
Duffy said: “2014 saw AIB successfully
execute its three-year plan to deliver a bank
that is sustainably profitable, adequately
capitalised and appropriately funded. We have
a strong momentum in our business and are
committed to supporting our customers by
understanding their needs, providing suitable
solutions and serving them through our
branches, online or on the phone. We are
focused on growing our lending to support the
Irish economy and delivering sustainable
returns for our shareholders.”
Approximately 16,000 customers were granted
approval for a mortgage last year, with around
15,500 Irish small and medium-sized
enterprises supported, the bank revealed.
Lending drawdowns also rose by 50% in 2014
compared to the previous year.
Meanwhile, it has been suggested that AIB’s
director of retail and business banking Bernard
Byrne is the current favourite to replace Mr
Duffy as CEO.
Speaking to the Sunday Independent, Mr
Noonan said a second round of interviews
would soon be underway.
Mr Duffy is taking on the chief executive role at
Clydesdale Bank in Scotland. According to the
newspaper, other internal candidates that
could become his successor including Fergus
Murphy, director of corporate and institutional
banking and Mark Bourke, chief financial
officer.
PTSB plans to raise €525m
from private investors.
In the lender’s financial results for 2014, it
noted that it intends to use €400 million of this
to repurchase contingent capital that is
currently held by the state.
PTSB also revealed plans to sell around €5
billion in non-core assets. Of this, €3.5 billion is
from the CHL mortgage book (50% of the total
book) and €1.5 billion represents a portfolio of
mainly Irish commercial properties.
An agreement to sell the CHL legal entity and
its loan servicing platform has also been signed.
A profit before exceptional items of €5 million
was posted for 2014, an improvement from the
previous year’s loss of €694 million.
There was also a decrease of 8.000 mortgage
accounts in arrears of more than 90 days, a
decline of 32% from the peak in 2013. Almost
27,000 long-term and sustainable treatments
have been offered to customers in arrears.
Commenting on the results, Jeremy
Masding, group chief executive, said:
“The sale of these non-core loans is a key
objective for the Group and it will allow us to
concentrate on our core retail banking business
in Ireland. Completion of the three transactions
announced today [11th March] will mean that we
will have completed over 50% of our total
deleveraging target for non-core loans; this is
well ahead of schedule.”
Fairfax Financial plans to sell
2.9% of Bank of Ireland.
The company was one of several North
American purchasers that took a combined 35%
stake in the bank in 2011.
Fairfax expects to sell 935 million shares. On
the basis of Bank of Ireland’s closing price on
31st March, this would provide Fairfax with a
€266 million profit.