Irish Credit Bureau profits drop to €3.2m

THE Irish Credit Bureau, owned by the country’s main banks, saw pre-tax profits fall to €3.2 million from €6.1m in the previous year.

Accounts for Irish Credit Bureau Limited show the directors declared and paid a dividend of €3.9m.

The company collects, tabulates and supplies information and statistics relating to the credit history of loan applicants. Its primary revenue stream is enquiry income and membership fees. Revenue from member enquiry fees fell significantly during 2009, . “Furthermore, a decrease in admission fees from new members added to the reduction in profitability,” the accounts read.

The company estimates that as at June 30, 2010, core revenue from enquiries in 2010 are around 25% lower than 2009 levels.

Two positive developments are significant increases of memberships in the company by credit unions and the likely greater use of the firm’s services following transposition of the EU Consumer Credit Directive (CCD) into Irish law on June 11.

Income in the year was €5.9m, down from €8.5m.

The accounts said shareholders are in discussion with a number of parties which may lead to a sale of the company in whole or part.