SOLICITOR Thomas Byrne was yesterday ordered by the Commercial Court to repay €2 million to IIB Homeloans.

SOME of the country’s leading banks are trying to “jump the queue” in the race to be the first to register claims over properties the subject of multiple mortgages taken out by solicitor Michael Lynn, the High Court was told by lawyers for other banks yesterday.

TEN banks and other financial institutions which had dealings with solicitor Michael Lynn in relation to an unknown number of properties are to pool information to try and establish the extent of the solicitor’s liabilities, estimated at up to €50 million, the High Court heard yesterday.

THE Head of Lending with IIB Bank has told the High Court of concerns about title documents to a number of properties, including residential properties, in relation to which solicitor Thomas A Byrne had dealings.

HOUSE prices are rising again and could hit 8% on average this year following an increase of more than 7% in 2005.

BISHOPSTOWN Credit Union swept into the mortgage market yesterday with a radical plan to take on banks and building societies and undercut them on lending rates.

Irish credit unions could soon be offering mortgages to their customers following a decision by the Financial Regulator today.

IIB Homeloans has predicted that the property market will remain buoyant over the coming years.

The ISEQ index of shares made a steady start to the week, losing just 1.5 points to close at 6095.43.

Consumer confidence in the property market is high, according to a survey conducted by the Government’s Economic and Social Research Institute and the mortgage firm IIB Homeloans.

The ISEQ index has edged slightly higher in early trading today, climbing 3.12 in mid-morning to 6,100.05.

AN AVERAGE of three applicants joined Cork city council’s housing waiting list every day last month pushing total figures to an all-time high.

HOUSE price inflation will be higher than expected this year with revised housing inflation forecast at 7%.

IIB Homeloans has cut rates on its fixed interest loans over two, there and five-year periods. Two in every three new IIB customers are fixing rates on their mortgages.

THE main financial institutions, including AIB and Bank of Ireland, have finally reacted to pressure from politicians, businesses and customers by dropping their mortgage interest rates.

PRESSURE mounted on the country’s two largest banks to cut mortgage interest rates last night after a warning by Taoiseach Bertie Ahern that they were morally obliged to act to ease the burden on hard-pressed customers.

PRESSURE is mounting on banks to drop interest rates after Tánaiste Mary Harney said she would be “angry and disappointed” if they failed to pass on the full 0.5% cut announced by the European Central Bank to customers.

PROFITS at IIB Bank grew by 9% in 2002 to €57.8m, as the company’s home loan business grew to take 10% of the new mortgage market in Ireland.

IRELAND’S largest provider of residential mortgages, Permanent TSB, and National Irish Bank cut interest rates yesterday.

THE cost of home loans has fallen sharply after two of the country's biggest mortgage lenders cut their variable rate.

Two more home loan companies tonight trimmed the cost of mortgages by 0.5% in response to last week’s interest rates cut by the European Central Bank.

THE property market is no longer a one-way bet, according to IIB Bank, who nevertheless, predict a general increase in property prices of between 5% and 6% each year over the next two to three years.