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Friday 3 February 2023 Dublin: 9°C

# bpfi

This week
29th January 2023 - 3rd February 2023
# Mortgages
Ireland had the highest number of mortgage drawdowns last year since 2008
That’s according to two reports published today by the Banking and Payments Federation Ireland.
Last month
January 2023
# Banking
One in eight Ulster Bank and KBC customers are yet to open a new account elsewhere - survey
68% of customers have either opened a new account or plan to use an existing account in another bank.
Last year
2022
# Interest Rates
Permanent TSB becomes latest bank to raise interest on fixed rate mortgages
The increases will range from 0.05% to 0.9% depending on a range of factors.
# switching account
New dedicated phonelines set up to help vulnerable customers switch bank accounts
It comes as Ulster Bank and KBC prepare to leave the Irish market.
# exiting the market
Most customers leaving Ulster Bank and KBC haven't transferred direct debits
The two banks have been urging customers to get their accounts in order.
# House Prices
House prices likely to increase in coming months despite 'significant' increase in supply
Banking and Payments Federation Ireland says housing supply must increase to improve affordability.
# bpfi
Online and mobile banking payments hit record high as contactless payments surge
New figures show that there were €49 million worth of contactless payments per day in the second quarter of the year.
# Irish Banking
Almost 300,000 new current accounts have been opened this year, figures show
The figures indicated that Ulster Bank and KBC current account customers are heeding advice to switch banks.
# new accounts
220,000 new accounts opened this year as Ulster Bank and KBC to leave Ireland
Around 9,600 accounts are being opened weekly.
# Mortgages
Mortgage seekers need 'significantly' higher earnings than 10 years ago to secure financing
Median household income of first-time buyers increased from €71,000 to €77,000.
# bpfi
Home purchase mortgage drawdowns €18,000 higher than last year - report
Mortgage switching has increased by 28% in the first quarter of the year, BPFI report shows.
THE MORNING LEAD
Banks 'ill-prepared for the biggest logistical challenge in Irish banking since the euro'
A report by
Ian Curran
Concerns have been raised that the exits of Ulster Bank and KBC Bank could be “the perfect storm” for the remaining banks.
Concerns have been raised that the exits of Ulster Bank and KBC Bank could be "the perfect storm" for the remaining banks.
Over one million customers will have to choose a new provider and switch over their current accounts.
But the Financial Services Union believes significant customer service issues are likely to arise, Ian Curran reports.
Is your bank exiting the market? Take action soon, experts say. Here's what you need to know
All time
# Fraud
Last minute online shopping? Here are some tips to keep your cash safe from fraudsters
Fraud cases continue to increase.
# bpfi
Average deposit for first-time buyers exceeded €52,000 in first half of 2021
Mover-purchases had to pay €135,000 for a deposit in the same period.
# spend spend spend
More than €1 billion spent in contactless payments during May as economy re-opens
The daily spend of individual contactless payment users exceeded €16 for only the second time since 2016.
# Housing Market
First-time buyer mortgage drawdowns at highest Q1 level since 2007 - BPFI
Figures show overall mortgage drawdowns in Q1 were at their highest since 2009.
# REDUCE YOUR CONTACT
Over €25 million in contactless payments per day in February - BPFI
The BPFI said today the jump in contactless payments is a result of a higher transaction limit of €50.
# payment fraud
Irish shoppers lost €12 million to credit and debit card fraudsters in the first half of 2020
Online card fraud rose by 21% compared with the same period in 2019, the BPFI said.
# Mortgages
Significant decline in buy-to-lets as Covid-19 continues to impact housing market
Buy-to-let investors now account for less than 1% of mortgages, compared to 20% in 2006, according to new figures.
# property ladder
Over 3,300 mortgages approved in January, representing 2.8% year-on-year increase
That’s according to figures released by the Banking & Payments Federation Ireland today.
# Ulster Bank
Ulster says go: Bank's decision to exit was in the wind — but why is it happening now?
Ulster Bank’s long goodbye creates major headaches for policymakers.
# bpfi
Banking Federation says capital requirements here are making lending and mortgages more expensive
Irish mortgage applicants face some of the highest interest rates in Europe.
# 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.
# property ladder
Over 5,200 mortgages approved in October, with surge driven by first-time buyers
October was the busiest month for mortgage approvals since BPFI began collecting this data in 2011.
# Online Shopping
Banking federation warns customers to be 'extra vigilant' of online scams in lead-up to Christmas
Figures from the BPFI show €22m was scammed through card fraud alone last year.
# 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.
# The Banks
Explainer: Why Irish banks are being accused of 'profiteering from the pandemic'
Developments in recent days have undermined the banks’ positions.
# 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.
# bpfi
Banks say that people who got mortgage approval before the crisis can have this extended
Customers can be granted an extension in situations where their “circumstances have not materially changed”.
# bpfi
Five main banks now have freephone lines to help people who are cocooning
The phone lines are operating during normal banking hours, from Monday to Friday.
# debunked
Debunked: That 'extremely sophisticated' bank scam doing the rounds on WhatsApp is completely false
It’s not true.
# property ladder
First-time buyers made up most of the 12,000 mortgages drawn down in last quarter of 2019
The 12,259 mortgages are valued at €2.7 billion.
# Too Good to be True
Consumers warned about new online scam advertising cheap flights
Consumers are advised not to use public Wi-Fi when buying things online, and to ensure ‘https’ is before the website address.
# approvals
Mortgage activity 'returning to 2008 levels' as draw-down figures at highest level in 10 years
New figures show there were 10,157 mortgages drawn down in the second quarter of the year.
# Sarah McTernan
This Co Clare singer will represent Ireland in the Eurovision in Israel
Sarah McTernan came third in The Voice of Ireland in 2015.
# bpfi
Over 12,000 mortgages worth €2.6 billion drawn down in the last three months
12,112 mortgages worth €2.6 billion were drawn down during the fourth quarter of 2018.
# mortgage approvals
'An air of panic is setting in to the property market'
New figures show a spike in the number of mortgage approvals.
# Angel Investors
Ireland needs more backers to get 'skin in the game' for business to grow
Owner-operators are far too dependent on banks for finance… and it’s getting worse.