Mortgage Approvals – September 2014

Banking & Payments Federation Ireland (BPFI) has published the latest figures from the BPFI Mortgage Approvals Report for the three months ending September 2014.

The following are the key elements:

  • A total of 2,588 mortgages were approved per month, on average, in the three months ending September 2014, of which 2,379 (92%) were for house purchase.
  • The number of mortgages approved rose by 45.9% year-on-year and by 0.5% month-on-month.
  • The value of mortgages approved per month, on average, in the three months ending September 2014 was €472 million, of which €451 million (96%) was for house purchase.
  • The value of mortgage approvals increased by 56.8% year-on-year and by 0.6% month-on-month.

The year to end-September has seen some 18,462 mortgage approvals, up 40% on 2013, valued at €3.3 billion.

Data collection for the BPFI Mortgage Approvals Report began in September 2012 covering the period from January 2011 onwards in respect of the market’s main mortgage lenders. The BPFI Mortgage Approvals Report September 2014 is available to download here.

All figures are based on the three-month moving average. Year-on-year compares the average for the three months ending September 2014 with the three months ending September 2013. Month-on-month compares the average for the three months ending September 2014 with the three months ending August 2014.

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Note: Banking & Payments Federation Ireland is the voice of banking and payments in Ireland, representing over 70 member institutions and associates, including licensed domestic and foreign banks and institutions operating in the financial marketplace here.

European Banking Authority Chairperson Addresses FIBI Annual Lunch

The Federation of International Banks in Ireland (FIBI), an affiliate of Banking & Payments Federation Ireland, held its annual lunch today in the Marker Hotel, Dublin. Ireland is the world’s sixth largest exporter of financial services, and the financial services sector accounts for over 40% of all foreign direct investment into the country and contributes around 11% of gross value added in the economy.

Speaking at today’s event, Andrea Enria, European Banking Authority Chairperson discussed the EBA EU-wide stress tests outlining two elements which set the upcoming stress tests apart from previous assessments:

“The 2014 EU-wide stress test is different, EU banks are more capitalised and in better shape than in 2011. In the past year alone, EU banks raised about EUR 120 billion of total capital. Also, the asset quality reviews carried out by competent authorities are ensuring that stress test inputs are credible and results reliable. The EBA will disclose up to 12,000 data points per bank, shedding light on the EU banking sector and promoting confidence in it.”

Download the full version of Mr. Enria’s speech here.

Also speaking at the event FIBI Chairman, Eamonn Tuohy, highlighted the improvements to and challenges in the current environment for FIBI members while also underling the significance of the creation of a new minister with responsibility for international banking:

“Our banking system and our economy are in much better shape than in recent years and the international financial services sector is giving grounds for confidence too. Our internal research among CEOs of international banking operations in this country shows a strong improvement in their rating of Ireland as an international financial services centre. Our corporation tax regime, labour market flexibility, the quality and availability of staff and the ease of doing business here top the list of positive contributory factors.

“The recent appointment of Minister Simon Harris gives us, for the first time in many years, a Government Minister with specific responsibility for international financial services. This is a very welcome development and one that we have sought for some time. We are heartened at the prospect of Government once again prioritising the development and promotion of Ireland as an attractive location for banking and payment services and are committed to working with the Minister, his colleagues in Government, the IDA and other key stakeholders to this end.”

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