![]() Strong progress in managing arrears levels continued in the first quarter of 2015. Management continues to monitor and explore initiatives to increase new business given the regulatory lending restrictions in place. It is worth noting that the Central Bank of Ireland's macro-prudential supervisory lending limits, which came into effect on 9 February 2015, will impact lending volumes and eligibility of customers across the Irish mortgage market. Term Lending has also shown growth of over 50 per cent in the period compared to the first quarter of 2014. in the first quarter of 2015 compared to the first quarter of 2014. New Mortgage drawdowns increased by 16 per cent. ![]() Growth in Current Accounts also continued with over 10,000 new accounts opened in the first quarter of 2015. Irish Retail Deposit balances continued to increase in the first quarter of 2015 notwithstanding further rate reductions by the Group. ![]() This marks an important milestone for both the Group in its journey to sustainable profitability and all of its stakeholders including shareholders, customers and employees. The Group received formal approval of its Restructuring Plan from the European Commission on 9 April 2015. (note 3) lower than their peak level in 2007. (note 2) in March 2015, and Irish residential house prices have recovered sharply from their trough and at February 2015, stood at 38.7 per cent. In addition, the unemployment rates reduced to 10.0 per cent. GDP growth is estimated to be in the region of 4.0 per cent. Trading conditions have continued to improve during the first quarter of 2015, aided by the ongoing improvement in the macroeconomic environment in Ireland. CURRENT TRADING AND OUTLOOK Trading Update
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