Banking Union Conference 2015

Banking & Payments Federation Ireland (BPFI) today held its Banking Union Conference 2015 in the Marker Hotel, Dublin. With key note speeches from Ignazio Angeloni, ECB Supervisory Board member and Dr. Elke König, Chair of the Single Resolution Board, the conference discussed developments over the past year since the introduction of the Single Supervisory Mechanism (SSM) as well as the priorities for the SSM during 2016. It also focused on the new Single Resolution Mechanism (SRM), due to take effect in January, and developments at an international level on macroprudential supervision.

Opening the conference, Maurice Crowley, Director, Banking & Payments, BPFI addressed the challenges ahead in implementing the SSM:

“The implementation of the SSM represents a considerable endeavour for the European Central Bank as well as for the directly-supervised euro area banks. While much has been achieved, significant challenges remain: these include the need to seamlessly align the SSM with the approach of other non-euro area and international supervisors; and to contribute to the content and application of a Single Rulebook which the European Banking Authority is developing for all banks in the EU and European Economic Area. Related to this is the significant review of national discretions and options which is a matter of particular interest to Europe’s banks.”

Also speaking at the conference, Dr. Elke König, Chair of the Single Resolution Board (SRB), outlined the task ahead for the SRB, which will be fully operational and responsible for resolution actions from January:

“The SRB will be a game-changer in banking resolution and, as a consequence will enhance systemic stability in the 19 Member States of the Banking Union and beyond. While there is still much work to be done, rest assured the SRB will be prepared for what is coming by helping to avoid future bail-outs and placing the burden of bank resolution firmly onto the banks, their owners and their creditors. Our objective is to restore market economy principles in the banking sector! Nothing more, nothing less. We will enhance financial stability by addressing and solving resolution obstacles. Financial institutions will therefore be more robust, more resistant and the regulatory landscape more efficient.”

Other speakers contributing to the conference included Cyril Roux, Deputy Governor, Financial Regulation, Central Bank of Ireland, John Fell, Deputy Director General, Macroprudential Policy &Financial Stability, European Central Bank and Mark Kennedy, Managing Partner, Mazars.

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Banking and Payments Federation Ireland (BPFI) 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.

For Further Information Contact: Jillian Heffernan, Head of Communications, BPFI, ph: 01 474 8835 / 087 9016880

Mortgage Approvals – September 2015

Banking & Payments Federation Ireland (BPFI) has published the latest figures from the BPFI Mortgage Approvals Report for the three months ending September 2015.

The following are the key elements:

  • A total of 2,683 mortgages were approved per month, on average, in the three months ending September 2015, of which 2,348 (88%) were for house purchase.
  • The number of mortgages approved rose by 3.7% year-on-year and fell by 1.0% month-on-month.
  • The value of mortgages approved per month, on average, in the three months ending 2015 was €499 million, of which €460 million (92%) was for house purchase.
  • The value of mortgage approvals increased by 6.4% year-on-year and fell by 3.1% month-on-month.

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 July 2015 is available on the BPFI website here.

All figures are based on the three-month moving average. Year-on-year compares the average for the three months ending August 2015 with the three months ending August 2014. Month-on-month compares the average for the three months ending August 2015 with the three months ending July 2015.

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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.

Contact: Jillian Heffernan, Head of Communications, BPFI, ph: 01 474 8835 / 087 9016880

New Mortgage Lending in Q3 2015

  • First-time buyers and mover-purchasers account for over 89% of the market by value
  • The volume and value of re-mortgage (switching) continue to rise

The Banking & Payments Federation Ireland (BPFI) Mortgage Market Profile, published today, shows that 7,292 new mortgages to the value of €1,330 million were drawn down by borrowers here during the third quarter of 2015.

These latest figures represent an increase of 16.7% in volume and 22.7% in value compared to the previous quarter (Q2 2015). They also represent an increase of 15.6% in volume and 18.1% in value on the corresponding second quarter of 2014.

First-time buyers (FTBs) remain the single largest segment by volume (50.4%) and by value (47.5%). Together, FTBs and mover-purchasers accounted for 89.2% of the total value of mortgages drawn down.

The volume and the value of re-mortgage loans (switching) continue to increase – albeit from low levels: at €63 million in value this reflects volume growth of 25% quarter on quarter and 138% year on year.

The following graph presents the trend in the volume of mortgage approvals and mortgage drawdowns over time.
MMP Q3 2015 - Graph

The BPFI Mortgage Market Profile can be viewed on the BPFI website here.

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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.

Contact: Jillian Heffernan, Head of Communications, BPFI, ph: 01 474 8835 / 087 9016880

BPFI Welcomes New Cash-free Initiative in Cork

Banking & Payments Federation Ireland (BPFI) today welcomed the launch of ‘Cork Cashes Out’, a new initiative encouraging cashless payments for the purchase of goods and services.

Led by Cork City Centre Forum, the initiative is being rolled out across Cork city and seeks to highlight the benefits of electronic payments for both businesses and consumers including security, ease of use and convenience.

BPFI and its members support the scheme which is timely both in terms of recent budget changes in Government Policy supporting a move to electronic payments and an increase in the limit on contactless cards from €15 to €30.

ENDS/

Note: Banking and Payments Federation Ireland (BPFI) 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.

For further information contact: Jillian Heffernan, Head of Communications, BPFI, ph: 01 474 8835 / 087 9016880

Banking Union Conference 2015

There have been significant changes in the EU’s financial system from a supervisory perspective over the past year. The Single Supervisory Mechanism (SSM), which is one of the main pillars of Banking Union, has been in operation since 4 November 2014. Another main pillar, the Single Resolution Mechanism (SRM), will come into effect from 1 January 2016. As financial institutions work to navigate this new supervisory landscape and assess the regulatory impact of supervisory changes, Banking & Payments Federation Ireland, in association with Mazars, hosted a Banking Union half-day conference on Friday 27 November in The Marker Hotel, Dublin.

Bringing together a speaker line-up of senior officials, including regulatory policy-makers from Ireland and abroad, the conference provided an analysis of developments during the past year since the introduction of SSM and priorities for 2016. In addition, speakers focused on the new SRM effective from January next. The conference also looked at developments at the international level on macro prudential supervision and conclude with a panel discussion.

The BPFI Banking Union Conference programme is available here.