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.
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.
28 July 2009 Automotive Accountants' ForumColledges
In our July 2009 Automotive Accountants' Network Forum we discussed the Vehicle Industry, The Economy & Finance, the Economic Outlook globally and for Australia, the proposed National Consumer Credit Protection Bill, GST Son of Holdback, Police Checks and Record keeping of salespersons' hours and overtime.
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.
28 July 2009 Automotive Accountants' ForumColledges
In our July 2009 Automotive Accountants' Network Forum we discussed the Vehicle Industry, The Economy & Finance, the Economic Outlook globally and for Australia, the proposed National Consumer Credit Protection Bill, GST Son of Holdback, Police Checks and Record keeping of salespersons' hours and overtime.
Balanced scorecard implementation- Beyond Demonitisation n GST programme!bs srikanth
A guide to determine and link various objectives/ initiatives to make India a modern nation where there is opportunity for all and Governance delivers for all!
Perceptions of the Financial Services Industry - Revisited Philip Brooks
In this edition of viewpoint, we revisit ‘Consumer Perceptions of the Industry’. We uncover who they now blame for the current economic crisis, how we make them feel, as well as the concerns we could help them address.
We also take a look into the future, assessing the potential impact of the Virgin Money acquisition of
Northern Rock.
Goods and service tax (GST) is a comprehensive tax levy on manufacturer, Sale and Consumption of goods and service at a national level.
GST is a tax on goods and service with value addition at each stage.
GST will Subsumed many state and central level indirect taxes.
Harris Interactive’s UK financial services newsletter.
In this Aug-09 edition we take a look at consumers’ perceptions of the financial services industry given the crisis the industry has faced over the past 18 months. In addition, we explore how
the industry has and continues to adapt and change as it seeks to develop and restore levels of trust and confidence.
Fine Gael and Labour, the two largest political parties in the State having achieved historic levels of support in the general election, now seek to use their mandate to
form a Government for National Recovery.
Balanced scorecard implementation- Beyond Demonitisation n GST programme!bs srikanth
A guide to determine and link various objectives/ initiatives to make India a modern nation where there is opportunity for all and Governance delivers for all!
Perceptions of the Financial Services Industry - Revisited Philip Brooks
In this edition of viewpoint, we revisit ‘Consumer Perceptions of the Industry’. We uncover who they now blame for the current economic crisis, how we make them feel, as well as the concerns we could help them address.
We also take a look into the future, assessing the potential impact of the Virgin Money acquisition of
Northern Rock.
Goods and service tax (GST) is a comprehensive tax levy on manufacturer, Sale and Consumption of goods and service at a national level.
GST is a tax on goods and service with value addition at each stage.
GST will Subsumed many state and central level indirect taxes.
Harris Interactive’s UK financial services newsletter.
In this Aug-09 edition we take a look at consumers’ perceptions of the financial services industry given the crisis the industry has faced over the past 18 months. In addition, we explore how
the industry has and continues to adapt and change as it seeks to develop and restore levels of trust and confidence.
Fine Gael and Labour, the two largest political parties in the State having achieved historic levels of support in the general election, now seek to use their mandate to
form a Government for National Recovery.
2012 B2B social media seminar BIMobject-MyNewsDesk-KommuniceraBIMobject
Keynote presentation på Svenska från Social Media inom B2B seminariet i Malmö på Media Evolution. Föredraget arrangerades av BIMobject, MyNewsDesk & Kommunicera.
An overview of a collaborative project between the Lake Ecosystem Group at the Centre for Ecology & Hydrology, Lancaster, and the Grey Lab at Queen Mary University of London.
The project is funded by the Natural Environment Research Council Ecology & Hydrology Funding Initiative, and includes project partners at the Freshwater Biological Association and Queen's University Belfast.
Do you think you know what motivates your employees? You might be surprised!
This webinar focuses on understanding what benefits really shape employee behavior. It surfaces trends, best company practices and challenges, and traditional paradigms for driving employee engagement and performance. We will explore cross-generational and cross-cultural values that link to job satisfaction, commitment, and sustainability.
Watch the On-Demand webinar and hear an action-packed discussion on:
Old vs. New Directions for Corporate Benefits
The Common Thread for Motivators and De-motivators of Employee Job Performance
Is Hertzberg’s Theory Humbug?
How to Ensure Predictive Performance Through Customized Employee Motivators
Everybody in your business is all about reducing cost, improving productivity and increasing the bottom-line- Nothing Else Matters!. As a leader where do you start and how will you do it?
In this webinar you will learn:
Creating a leadership strategy that increases your leadership ROI.
How to implement a leadership strategy specific to the needs of your unique organization
How to hire the right leader / manager the first time.
Identify and develop future leaders of your organization.
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.
EY Citizen Today - December 2009 - Arnauld Bertrand examines how French policy-makers are driving forward plans for a sweeping modernization of the state
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.
1Introduction My name is Yinan Hong. I am your port.docxaryan532920
1
Introduction
My name is Yinan Hong. I am your portfolio manager from Trailblazer
Investment Advisors. I am a CFA charter holder, equipped with sufficient financial
knowledge. I will help my customers manage their wealth and try my best to gain??
as much as possible. There are three objectives for my clients, Sam and Amy
Kratchman who have recently inherited … and have current savingswith
$1,100,000(on an after-tax basis) inheritance. The first one is having enough money
for their life after retirement at age 65. The second objective is raising college tuition
for their two children. The last one is to buy a beach house with newfound inheritance.
Ending summary
Economic Analysis
2014
GDP Growth
The economic recovery of United States in 2014 became a light brightspot in
global economy after the 2009 recession. The low price level do you mean low infl?
If so that isn’t really a great thing at the current time, decreasing unemployment rate,
better development of the what is the estate?estate and manufacturing industry made
the economy continuously recover although at a much lower rate than prev recoveries.
However, some important indexes like the investment of the real estate, income of
amy kratchman � 2016/10/16 12:32 PM
已设置格式: ⾏行行距: 1.5 倍⾏行行距
2
residents residents?, manufacturing have not reached to the same level as it performed
before the recession in 2014 – true – but RE was performing very well and is a strong
area of growth in 14. The percentage change in Real Gross Domestic Product in 2014
increased in the former three quarters and then decrease in the Q4.not true
In the first quarter, the change of GDP was 2.1% not correctnegative growth1.
The most important factor was the abominable weather. The personal consumption
expenditures for nondurable goods decreased because 1what is this? the inconvenient
of buying your table (footnoted) does not imply a decrease. The Gross private
domestic investment decreased 6.6% because of the huge lower equipment
investment1. The exports decreased extremely and the imports increased. They all led
to the negative growth.
Figure12 : CCI Index in 2014
The GDP growth reached to 4.0% in the second quarter. By analyzing the
components that affected overall GDP growth, personal consumption expenditures
1http://bea.gov/iTable/iTable.cfm?ReqID=9&step=1#reqid=9&step=3&isuri=1&904=2013&903=1&9
06=q&905=2016&910=x&911=0
2 FactSet
3
and gross private domestic investment played an important role in this significant
growth. Consumption contributed 2.56% change in GDP. After the severe weather,
the private inventory investment, exports, fixed investment, and non-federal
government spending increased.this is a rebound in pretty much all areas However, 5%
more imports negatively impact GDP and offset those positive contributors.
Purchasing Managers’ Index (PMI) also ...
Slides from the Nevin Economic Research Institute's post Budget seminar. Speakers Michelle Murphy (Social Justice Ireland), Cormac Staunton (TASC) and Michael Taft (UNITE)
This proposal was a winning entry in The Irish Taxation Institute's annual 'Fantasy Budget' competition in 2015. The budget overview and original measure was submitted as a group project.
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.
You’ll see from the reports in this edition of Market Monitor that, while there are tentative signs of
economic stabilisation, these are tempered by indicators that still advise caution for future trade.
Germany has recorded positive growth since the summer, but we still expect bank lending to
continue to decline. Spain, in contrast, records negative growth forecasts for the short- and mid-term,
but at least our indicators show that the high tide of payment defaults and insolvencies may finally
have peaked. In the UK, however, a turnaround in the rising insolvency trend is still not in sight, and
the troubled construction sector is forecast to continue to suffer into 2010. That said, the car
scrappage scheme, which started later than in many other countries, will provide some cushion for
the automotive sector in the coming six months.
Against this background, we continue to urge caution, not just when embarking on new trading
ventures, but also in trade with established customers. Essentially, businesses need to tread more
carefully in ALL their sales transactions – monitoring changes in the payment behaviour of current
customers and taking extra care in assessing the financial strength of new prospects.
In this issue…
…we feature the following markets:
United Kingdom – with a spotlight on the construction and automotive sectors
Mexico – with a spotlight on the retail and chemicals sectors
Germany
Spain
Denmark
Portugal
Czech Republic
The power of productivity and uk prosperityross harling
Aside from Covid & Brexit, UK productivity growth is a major business challenge that can restrict the economy for years to come. Companies need an innovative approach & new skils
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
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.
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.
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.
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.
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%.
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.
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 to get verified on Coinbase Account?_.docxBuy bitget
t's important to note that buying verified Coinbase accounts is not recommended and may violate Coinbase's terms of service. Instead of searching to "buy verified Coinbase accounts," follow the proper steps to verify your own account to ensure compliance and security.
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
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@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.
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
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.
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
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
how can i use my minded pi coins I need some funds.
October 2014 Ireland Commercial Bulletin
1. October 2014
HML has been awarded a new S&P Irish special servicing ranking at Above Average
Angela Keegan, managing director of Myhome.ie, has rated the Ireland Budget seven out of ten in a blog for HML
PTSB failed the recent ECB stress tests, where a €855 million shortfall was identified
2. HML News
HML has been awarded a new S&P ranking.
We have been assigned a new Standard & Poor‟s (S&P) Irish special servicing ranking at Above Average.
HML also had all of its other rankings affirmed by S&P. This means the company remains with Above Average rankings as a primary and special residential loan servicer in the UK, as well as a primary residential loan servicer in Ireland.
S&P highlighted HML‟s long track record of mortgage servicing in the UK and Ireland. HML has operated in the UK for more than 25 years and has been servicing the loan portfolios of Irish lenders since 2005.
In January 2012, HML became the first residential mortgage servicer to receive an internationally benchmarked ranking from S&P for the services it provides to Irish lenders.
S&P noted the “synergies” that HML would benefit from following its purchase by Computershare, which is subject to regulatory approval.
Other areas highlighted by the rating agency include HML‟s analytical models and business intelligence, which “extensively support HML‟s servicing activity”. It also noted that HML‟s reporting guarantees the “substantial monitoring of internal operations and third-party vendors‟ activity”.
Andrew Jones, chief executive officer at HML, said: “It is great news that HML has been assigned a new Irish special servicing ranking from S&P, as well as have our Above Average rankings affirmed.
“S&P highlighted our business intelligence and analytical models, and advanced analytics are at the heart of our arrears management and wider servicing strategies. This ensures the most appropriate outcomes for borrowers can be tailored to their unique circumstances and is a key part of our continued drive to be the market leader for quality.
“Our new parent Computershare, subject to regulatory approval, will allow us to take advantage of developing business opportunities and build upon our standing in the market as the UK and Ireland‟s leading third-party mortgage administration company.”
3. HML News
Angela Keegan, MD of Myhome.ie, has rated the Ireland Budget seven out of ten.
Her thoughts about the recent Budget can be read this this exclusive blog for HML below.
The surprising element in this Budget was that there were no surprises. Most of the measures were well flagged in advance and as a result the reaction of people generally was quite muted. The photograph of the lone protester outside Government buildings said it all.
We actually had the shock the week before. That was when the Central Bank introduced new deposit guidelines for home buyers which mean that the vast majority of house buyers must now have a deposit equalling 20 per cent of the purchase price of the house.
The new guidelines are expected to come into force on January 1st 2015. This move came as a huge shock to first-time buyers, especially those in Dublin and other cities who are already facing rising prices, rising rents and limited choice of properties due to low supply.
Given the current economic challenges, many of them are already struggling to save a ten per cent deposit. What did the Budget have for them? Very little, it has to be said, apart from some window dressing! They were promised DIRT relief on their home savings, but given that interest rates are two per cent or lower, this relief won‟t amount to a hill of beans.
Clearly, the Minister is putting pressure on the banks to come up with innovative saving products - looks like a hospital pass. Since the Budget, several ministers and at least one senior banker have questioned the wisdom of the move and its impact on the market and first-time buyers. This is one to watch.
Dampening home-grown talent?
While the dreaded Universal Service Charge was reduced at lower levels, it was increased for self-employed people from ten per cent to 11 per cent. It‟s very difficult to understand this retrograde move. These people are out there taking risks and generating employment. The Government talks a lot about encouraging entrepreneurship. People moving to live and work here get preferential tax rates, so why should we penalise home- grown entrepreneurs and small businesses.
It‟s important to make these points, because after seven very difficult Budgets, there is a sense of relief that some money is going back into the economy and that we are over the worst of the recession. So while there were many positive measures, we cannot and should not suspend our critical faculties.
One of the positive moves was the decision to end the pension levy. Irish people are not the best at saving for the future and this levy acted as a further disincentive to young people starting a pension.
Continued over the page
4. HML News
Good news for housing?
The fact that €2.2bn will be spent on social housing over the next three years is also very welcome, as is the extension of the Home Renovation Incentive Scheme to the rental sector. The latter is hugely positive for the building trade, landlords and of course renters and hopefully will help raise the standard of rental properties.
The abolition of the windfall tax was also welcome, even though it is rumoured that this is the only tax ever introduced that never raised a penny! The establishment of a Strategic Fund is also welcome as the availability of finance for builders and developers remains a problem.
While many of these initiatives sound very promising, the devil will be in the detail and we haven‟t seen that detail yet. For example, when and where will the social housing units be built? When will this Strategic Fund start lending? The Government decided not to introduce a vacant site levy, but instead to set up a working group to examine if landowners have been hoarding sites. When will this working group report back?
So a lot of positives, but plenty more work to do. Given Ireland‟s open economy, what happens in the UK, US and rest of Europe will have a much bigger impact than this Budget. So we have to work with what‟s in our control and the Government have done that reasonably well. Marks out of ten? We’ll go with seven for now.
5. HML Ireland Update
Date reflects what the statistic was during that period, rather than when the statistic was published
* Since revised down to 11.3%
Consumer Price Index (Central Statistics Office)
SEP ‘14
0.3%
AUG ‘14
0.4%
JULY ‘14
0.3%
European Central Bank (ECB) Base Rate
OCT ‘14
0.05%
SEP ‘14
0.05%
AUG ‘14
0.15%
Unemployment Rate (Central Statistics Office)
SEP ‘14
11.1%
AUG ‘14
11.2%
JULY ‘14
11.5%*
Average National House Prices (Myhome.ie)
Q3 ‘14
Up 1.4% from Q2
€193,000
Q2 ‘14
Up 1.3% from Q1
€190,216
Q1 ’14
Down 0.7% from Q4
€187,736
Arrears
(Central Bank of Ireland - CBI)
PDH – total
PDH – 90 days+
BTL – total
BTL – 90 days+
Q2 ’14
126,005
90,343
39.669
31,749
Q1 ’14
132,217
93,106
39,361
31,048
Q4 ’13
136,564
96,474
39,250
30,706
Home Repossessions (CBI)
PDH
BTL
Q2 ‘14
1,110
611
Q1 ‘14
1,116
568
Q4 ‘13
1,014
503
6. Industry Statistics
Consumer Price Index
The CPI in September was 0.3% higher than September 2013, down 0.1% on August. Notable upward pressures came from the education (4.5%), alcoholic beverages and tobacco (4.1%) and miscellaneous goods and services (2.5%) sectors.
This was partially offset by declines in clothing and footwear (-2.6%) and food and non- alcoholic beverages (-2.3%).
ECB Interest Rate
The ECB base rate remains at 0.05% in October. Mario Draghi, president of the ECB, said: “Survey data available up to September confirm the weakening in the euro area‟s growth momentum, while remaining consistent with a modest economic expansion in the second half of the year.”
Unemployment Rate
The unemployment rate stood at 11.1% in September 2014, down from 12.6% in the same month in 2013. There were 370,050 unemployed individuals in September, a monthly fall of 4,700 people.
House Prices
The national average house price in Ireland stood at €193,000 in Q3 2014, a 1.4% increase on the previous quarter, according to Myhome.ie‟s analysis of asking prices.
On an annual basis, the asking price rose by 1.1%, which is the first positive year-on-year growth in seven years.
Commenting, Angela Keegan, managing director of Myhome.ie, said: “It's been well flagged that Capital Gains Tax is coming to an end and that is a measure we would welcome.
“The market is showing signs of returning to normality and we don‟t want to see investors competing with first-time buyers when there is already a shortage of stock in the market. The return to a normal functioning market will be a long one and as we can see from the current supply pressures in Dublin and elsewhere will require concerted action from a range of bodies and institutions."
Arrears
Principal Dwelling Houses (PDH)
The number of PDH mortgage accounts in arrears declined by 4.7% between Q1 2014 and Q2 2014. Out of the total mortgage accounts, 16.5% were in arrears, representing 126,005.
The number of PDH mortgage accounts in over 90 days of arrears also declined during Q2, falling by 3%. These accounts totalled 90,343, 11.8% of all the PDH mortgages in arrears.
However, accounts in arrears of more than 720 days increased by 5% during Q2 and currently account for almost 5% of total PDH mortgage accounts. The outstanding balance of such accounts was just under €8 billion at the end of June.
Buy-to-let (BTL)
The number of BTL mortgage accounts in arrears increased between Q1 and Q2 2014 to 39,669 (27.5% of the total accounts) from 39,361 (27.2% of the total accounts).
Home Repossessions
At the end of Q2 2014, there were 1,110 PDHs and 611 BTLs in lenders‟ possession. Of the PDHs, 299 were taken into possession during the quarter, 89 of which were the result of a court order, while 210 were abandoned or voluntarily surrendered.
7. Top News Stories
Early-stage mortgage arrears have declined.
This is according to Fitch, which has noted that the number of mortgages in early arrears has dropped below the 2% of the market threshold for the first time in 3.5 years.
Andrew Currie, managing director of the Structured Finance team at Fitch, said: “Long-term arrears remain a concern for Irish lenders due to the sheer number of cases that still need to be resolved.”
While an improving economy, including rising house prices, has resulted in a decline of early-stage arrears, Fitch stated that „weaker‟ portfolios are experiencing a worsening performance.
36 banks would have failed ECB stress tests if new capital rules had been applied in full.
Vitor Constancio, vice-president of the ECB, made the comments during the announcement of banking stress test results.
The tests simulated how the finances of banks would hold up during an economic downturn – and 36 European banks would have failed if the Basel III capital rules had been fully implemented. They will come into full force in 2019.
Permanent TSB (PTSB) was the only Irish bank to fail as a result of an almost €855 million shortfall being discovered.
Jeremy Masding, PTSB group chief executive, commented: “The tests were based on our position at the end of December last and we‟ve made huge progress since then on a number of fronts, so we‟ve already provided for over 80% of the shortfall that the ECB identified.
“We look forward to bringing international investors on board now to raise the remaining amount which will leave the bank fully in line with the ECB requirements.”
Springboard has been sold to Mars Capital.
Springboard Mortgages has been sold to Mars Capital by PTSB following what was a competitive sales process.
While the financials surrounding the deal have not been officially disclosed, Springboard‟s mortgage loan book contains around €468 million gross assets, of which €350 million are non-performing.
Mr Masding said: “This transaction completes an important part of our planned deleveraging programme and, importantly, it also confirms the adequacy of our provisioning methodology. Non-conforming lending does have a limited role to play in a mature mortgage market, but it was not appropriate for us as at this time as we focus on our rebuilding task."
Mars Capital has said that it will comply with the Code of Conduct on Mortgage Arrears.
For the year ended 31 December 2013, a profit for Springboard of €3.2 million was reported.
8. Top News Stories
The majority of home buyers will soon need a 20% deposit.
The Central Bank of Ireland has published new mortgage rules which will come into effect on January 1st and which noted that no more than 15% of new mortgages should have an LTV ratio of more than 80%.
The Bank has also announced that only 20% of new mortgages should be issued above 3.5 times income.
Stefan Gerlach, deputy governor of the CBI, stated: “The primary objective of these measures is to increase the resilience of the banking and household sectors to the property market. In Ireland, we are still experiencing the destabilising effects of a property bubble.
“Our research has shown there is strong evidence that mortgage losses are much higher where borrowers have a high LTV or LTI rate. We believe that measures such as these are a standard part of a well regulated financial system and introducing these precautionary measures should contribute to a stable and well-functioning mortgage lending market.”
However, speaking to the Sunday Independent, Jim Brown, chief executive of Ulster Bank, said he was concerned about the “unintended consequences” that may follow as a result of the rules.
While he recognised the importance of keeping the property market in check, Mr Brown said the rules would mean many first- time buyers will be unable to get their foot on to the property ladder, as well as be required to save for a higher deposit while covering the cost of climbing rents.
The National Asset Management Agency (NAMA) will repay an extra €600 million of senior debt.
NAMA has revealed that its senior debt redemptions now stand at €7.6 billion for 2014. Since it was established, NAMA has redeemed more than €15 billion.
Brendan McDonagh, NAMA chief executive, made the announcement when speaking at the Oireachtas Joint Finance Committee.
Mr McDonagh said: “Achieving this 80% target [by 2016] will require a substantial volume of NAMA loan and asset disposals in Ireland as well as Britain and elsewhere; for the most part, sales will involve commercial assets (offices, retail, hotel and leisure and industrial assets) or loans secured by commercial assets.”
Moody‟s believe that the Ireland Budget was a “missed opportunity”.
In a credit outlook report, the rating agency said that the economy of the country is now at risk to “unexpected shocks” due to the lack of action in the Budget to reduce debt levels.
Describing the Budget as “mildly expansionary”, Moody‟s went on to say that the closure of the Double Irish tax scheme - which allows multinational companies to legally move their profits offshore to avoid paying tax - could see foreign companies leaving Ireland.
This could therefore present a “significant risk” to the fiscal outlook and growth of Ireland.