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Saturday 25 March 2023 Dublin: 6°C

# Banks

This week
19th March 2023 - 25th March 2023
# Your Say
Poll: Are you worried about a global banking crisis?
Heavy uncertainty has gripped the banking sector since Silicon Valley Bank said it needed to raise money to stay afloat.
Last week
12th March 2023 - 25th March 2023
# Washington DC
'The banks can't have it both ways': Varadkar says interest rates on savings should increase
The ECB increased its interest rates by 0.5% today.
# Banking
Credit Suisse to borrow €50 billion from Swiss central bank after share price plunge
Credit Suisse plunged and dragged down other major European lenders in the wake of bank failures in the US.
This month
March 2023
# debt writedown
AIB insists 'no special deals' for nearly 2,000 customers who received 90% debt write-down
The Oireachtas Finance Committee has questioned AIB on its policy on debt write-downs.
Last month
February 2023
# Interest Rate
Ulster Bank increases fixed mortgage rates for second time in four months
The new rates are effective from today and will only apply to certain existing customers.
Last year
# Banks
Tánaiste says there are no current plans to reintroduce mortgage interest relief
Varadkar said there are no plans currently but it’s not something the Government would rule out for the future.
AIB welcomes Donohoe's decision to sell 8% of State shares
Finance Minister Paschal Donohoe said that the State’s shareholding in AIB has been reduced from 62% to 57%.
# Banks
Over 20 Ulster Bank branches to switch to Permanent TSB in January
The bank is exiting the Irish market.
Analysis: We can expect to see interest rates continue to march higher this week
Economist Victor Duggan looks ahead to the expected ECB rate hike tomorrow.
# Reaction
Housing minister welcomes mortgage rule change but concerns raised about house price increases
Concerns have been raised about increasing borrowing limits when supply remains low.
# Ulster Bank
Ulster Bank extends first account closure deadline until 4 November
The bank announced its withdrawal from the Irish market in February.
# Banking
Mortgage holders could save thousands by switching when fixed rate ends - consumer watchdog
The CCPC told the Department of Finance that it is concerned by the “impending increase” in the concentration of Ireland’s retail banking sector.
# Your Say
Poll: How often do you use cash/cheque services at a bank branch?
AIB said 70 of its branches will become cashless later this year.
# cashless banks
AIB should 'reconsider' decision to make 70 branches cashless, says Taoiseach
The branches will no longer offer cash or cheque services and if they have an ATM outside, it will be removed.
# Ulster Bank
Ulster Bank to sell €6 billion mortgage portfolio to AIB
Ulster Bank and KBC are both in the process of exiting the Irish market.
# KBC Bank
KBC Bank extends its account closure notice to six months
The original timeframe was 90 days.
Permanent TSB apologises after 'technical issues' meant some customers didn't get wages
The issue has since been resolved.
# Housing
Revised mortgage-to-rent scheme to help more people in arrears to stay in their homes
Homeowners will have an option to purchase their home back at the price the State paid for it.
All time
Permanent TSB signs agreement to buy €7 billion of Ulster Bank mortgages and 25 branches
The bank will also acquire Business Direct and Lombard Asset Finance loan business under the deal.
# Forex
EU fines major banks €344 million over foreign exchange trading cartel
Barclays, Royal Bank of Scotland, HSBC and Credit Suisse all received fines.
# Housing
Number of mortgage approvals continues to grow as almost 4,700 signed off last month
This represents a significant increase on the 1,879 mortgage approvals issued in May 2020, the BPFI said.
# Emergency Legislation
'I'm not sure TDs were fully informed': High Court Master highlights issues with Covid legislation on vulture funds
Judge Edmund Honohon questioned why a sunset clause was not set out in the emergency legislation.
# digital focus
Bank of Ireland to recruit 130 specialist IT staff over next 12 months
Last month, the bank confirmed plans to close 88 branches in Ireland and 15 branches in Northern Ireland.
Pearse Doherty: KBC exit is body blow to customers and staff that will reduce competition
The Sinn Féin TD says the move leaves the future of the Irish banking sector uncertain.
# Banking
Financial Services Union calling on Bank of Ireland to reconsider branch closures
Bank of Ireland is to appear before an Oireachtas Finance Committee this afternoon.
# Podcast
The Explainer: Banks, brokers, bonds… are back in the news. Should we be worried (again)?
In today’s episode, business reporter Ian Curran explains what’s been going on.
# community banking
A new public banking system in Ireland? The Government is being asked to revisit the idea
Green Party and Fianna Fáil TDs are calling for the government to revisit the idea of community banking.
# Banking
'No need to panic': How will the Ulster Bank wind down affect customers?
The bank will be wound down gradually over the next few years.
# face coverings
Face coverings are now mandatory in banks, post offices and credit unions
The Financial Services Union has welcomed the decision by Minister for Health Stephen Donnelly.
# Your Say
Poll: Would you use the payments app being planned by Irish banks?
The app, Synch Payments, hit a roadblock last week.
# Banking
CCPC rejects plans by four Irish banks to set up an industry-wide quick payment app
The CCPC was notified of the proposal from AIB, BOI, KBC and Permanent TSB earlier this month.
# Banking
Four Irish banks want to set up an industry-wide quick payment app
The CCPC was notified of the proposal from AIB, BOI, KBC and Permanent TSB last Friday.
# payment breaks
Mortgage payment break scheme will not be extended, Government confirms
The Tánaiste said the banks agreed that solutions for those unable to resume full payments would be applied on a case-by-case basis.
# FinCEN
The FinCEN files: Major banks moved multi-million sums of 'dirty' money
The investigation points in particular to five major banks – JPMorgan Chase, HSBC, Standard Chartered, Deutsche Bank and Bank of New York Mellon.
# Fraud
Majority of bank accounts used for money mule transactions belong to people aged 18-24
A new campaign aims to highlight the dangers for teens and encourage their parents to look out for red flags.
# warning
Department of Social Protection and An Post issue warnings over scam text messages
Health officials are warning anyone who thinks they’ve been affected to contact their bank.
# Mortgages
Sinn Fein's Pearse Doherty accuses banks of ‘profiteering from pandemic’
Since March, nearly 80,000 mortgage-holders impacted by the pandemic have taken payment breaks.
# Tapping
Almost €600 million spent on contactless payments in May
The contactless limit was increased to €50 in April in response to the Covid-19 crisis.
# Mortgages
Taoiseach meets with five major banks to discuss Covid-19
The government says that the banks have agreed that anyone availing of a mortgage break can now extend the loan term.
# Lending
Drop of nearly 10% in mortgage approvals in March compared to 2019
The figures offer an early indication of the impact of Covid-19 on lending.