The notification that Irish banks were not ready for some new features of the EU Payment Service Directive came from the Central Bank in mid-December when there was clear evidence the new security procedures entailed by the directive were not going to be met anytime soon.
Brokers selling mortgages, insurance, or market investments in Ireland will be banned from accepting free sporting and social tickets from financial firms under a crackdown by the Central Bank it emerged over night.suggests this is a big step in the right direction but more needs to be done.
The chairman of Ireland’s ecommerce alliance has welcomed the news that a grace period will apply to the EU’s PSD2 directive in order to allow Irish businesses to get up to code, saying the alternative would be “absolute chaos”.
The Central Bank has slapped a fine of almost €5.9m on Wells Fargo, the US banking giant which has a major European office in Ireland servicing US multinationals, for five “serious” breaches, including failing to properly report the amount of capital it had in the Irish bank.
The Central Bank has been urged to improve and simplify its switching code of practice on the back of new figures showing the number of people changing their current account to another bank hit a five-year low last year.
The Central Bank has decided to continue existing restrictions on ordinary investors using contracts for difference (CFDs), the market financial bets that played a starring role in the collapse of the Sean Quinn business empire after he used them to build up a huge stake in Anglo Irish before the bank’s collapse.
A senior official at the Central Bank has stated that the Sinn Féin bill giving mortgage holders a veto on their loans being sold to so-called ‘vulture funds’ “will have potentially severe unintended consequences”.