Business Today is making a move that will support shareholder payouts in the future, despite falling interest rates putting pressure on income. This significant risk transfer agreement sees institutional investors taking on some of the risk of losses on €1 billion of corporate loans in the portfolio. The Department of Social Protection plans to begin its long-awaited official search for four investment firms to manage the assets in the coming weeks.
However, there's less positive news as it's planning a flat charge per member to run the scheme, which will disproportionately affect lower-paid workers. Data from the Irish League of Credit Unions, representing 90% of credit unions in Ireland, shows that mortgage lending in the sector has increased this year, with mortgages now making up 10% of the sector's total loan book. This compares favorably to peers across Europe. Around two-thirds of Irish consumers plan to shop during Black Friday sales next weekend, spending an average of €329. These figures contradict findings in a report by the consumer watchdog, the CCPC, last week, which stated that interest in the event was declining, as was trust in the prospect of genuine deals.
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Source: IrishTimes - 🏆 3. / 98 Read more »