Wednesday 18 October 2017

Consumers face wait for debt deals

CONSUMERS will have to wait until the end of July to apply to the new state insolvency service for debt write-down deals, it has emerged.

Yesterday, the Insolvency Service of Ireland called on debt experts to apply to become personal insolvency practitioners (PIPs) and approved intermediaries (AIs). These are the advisers who draw up a debt deal and negotiate with creditors on it with lenders.

Pips and AIs have to take an exam and meet other conditions to be approved by the insolvency service.

KING FINAL ATTACK ON BANK LOBBYING

Bank of England governor Mervyn King fired his final parting shot at the banks yesterday as he attacked lenders for their intense political lobbying against tougher balance sheet rules.

Yesterday marked his last appearance in front of MPs on the Treasury Select Committee before handing over the reins next week.

The Bank of England governor said banks sought to put "tremendous pressure" on politicians at the highest levels to lean on regulators to water down demands to raise capital strength.

He said there were "certainly calls made to Number 11 (Downing Street) and even in some cases Number 10" to put pressure on the Prudential Regulation Authority.

BORROWER 'HAS NO DEFENCE' FOR BILL

A BUSINESSMAN has established no defence to a requirement he pay NAMA some €90m arising from unpaid loans advanced by the former Anglo Irish Bank, the Commercial Court was told yesterday.

Kevin McNulty had claimed Anglo had loaned money in 2009 while insolvent. But a sworn statement from its successor, Irish Bank Resolution Corporation (IBRC), had been provided to Mr McNulty saying it was solvent in 2009 and continued to operate as a going concern, Mark Sanfey SC, for NAMA, said.

NAMA 'SOLD SITE FOR £2M LESS THAN BID'

NAMA has decided to sell a valuable London development site for almost £2m (€2.35m) less than a UK-based partnership had offered, it has been claimed in the High Court.

Bruce Rippon, chief executive and a partner in Smart Design and Build (SDB) of Narborough Street, London, has brought a legal challenge to the sale arising out of SDB's unsuccessful bid to buy the 10.25-acre site.

The property is located at Gillette Corner, Great West Road, Isleworth. The court has put a stay on the sale pending further hearing.

Irish Independent

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