The number of mortgage approvals increased again last month, pointing towards a recovery in lending that could stretch into the second half of the year.

Legislation passed through the Dáil only weeks ago designed to strengthen the rights of mortgage and debt holders in dealing with banks, still gives lenders the power of veto over distressed borrowers, the country’s largest brokers’ group has claimed.

The Irish Banking Federation reported a 16% increase in the volume of mortgages approved but brokers claim that the market remains deeply dysfunctional.

A “major intervention” has been called for to address the mortgage crisis, despite new figures showing increases in approval levels.

Michael Noonan has been urged to do a U-turn on his pension proposals in next month’s Finance Bill; with proposed pension levy changes being slammed as unjustified and a potential deterrent to people saving for retirement.

A rise in the number of house repossessions is likely, in the coming quarters, as a means of stemming the strategic non-payment of outstanding home loans, Davy Stockbrokers has warned.

Bank of Ireland hasestablished a new €2bn fund aimed at first-time buyers and people looking to move house following the news that house prices have been increasing.

The banks are massaging their mortgage lending figures in an effort to meet their targets, according to members of the country’s leading brokers’ organisations.

The latest Central Bank figures show that domestic banks and households continue to deleverage, with mortgage and business lending falling and deposits increasing.

The Central Bank are going to be closely monitoring how the new code of conduct on mortgage arrears is used by banks and expect to see a significant increase in restructuring within weeks.

The main banks are unlikely to meet previously stated mortgage lending predictions for this year, one industry representative has warned, despite new approval figures suggesting signs of market growth.

State-owned Permanent TSB will completely overhaul the interest rates it charges on its mortgage products from tomorrow.

The sale of Irish Life to Canadian insurance giant Great-West Lifeco is expected to result in the loss of some 250 jobs from its enlarged status over the coming 18-24 months.

New data shows mortgage lenders are increasingly entering into more realistic repayment arrangements with struggling customers.

Loan demand for all aspects of household credit is expected to increase during the first quarter of this year.

The buyers of newly built homes should be exempt from paying property tax for 10 years, the Construction Industry Federation (CIF) argues in its pre-budget submission to Government.

Household lending levels deteriorated further in April, with the Central Bank noting a 4% year-on-year fall for the month.

The Professional Insurance Brokers Association has accused Irish banks of operating illegally and using sensitive customer information to pressure consumers into buying products.

The monthly banking figures released by the Central Bank gave mixed signals about the health of the overall economy.

THE European Central Bank is studying ways to reduce Ireland’s €3.1bn-a-year bill to pay off €30bn in promissory notes used to bail out Anglo Irish Bank, now the Irish Bank Resolution Corporation.

MORTGAGE holders were disappointed that the European Central Bank chose to hold its benchmark interest rate at 1%, dashing hopes of a rate cut.

CONSUMERS will enjoy greater clarity on their insurance cover terms thanks to a new paper from the Law Reform Commission, says one industry expert.

AN interest rate cut could be on the cards for early next year resulting in lower mortgage repayments for many homeowners.

FOUR out of five mortgage applications are being refused by financial institutions, according to a survey of brokers.

IRELAND is gaining further credibility, according to European Central Bank (ECB) chief Jean Claude Trichet, who yesterday signalled that interest rates are on hold for now.

INTEREST rates could rise again before the year is out, following indications from the European Central Bank (ECB).

THE number of mortgages given out by banks this year is expected to fall to levels last seen in 1971.

Efforts are being made to stamp out what is being deemed as "unfair marketing" towards banking customers.

THE Central Bank has been urged to stop banks from “aggressively targeting” consumers by monitoring customer accounts and account transactions.

ULSTER Bank is hiking its standard variable mortgage rates in a move that will add around €100 onto the monthly repayments of a €300,000 loan.

THE Government has been urged to provide long-term solutions immediately to mortgage holders in difficulty.

THE mortgage market is just 10% of what it was at the peak of the housing boom, with brokers reporting very little activity.

THE Government has pledged to help mortgage holders in difficulty as fears mount many more could be plunged into arrears.

HOMEOWNERS are to be hit again by rising mortgage costs as AIB raises its fixed-rate offering.

THE European Central Bank (ECB) president yesterday said a rise in eurozone interest rates was “possible” at its next policy meeting in April.

THE EBS Building Society has announced it will increase its Standard Variable Rate by 0.60% (60bps) from 3.83% to 4.43% (4.5% APR) from 1 April, 2011.

HOMEOWNERS with tracker mortgages have been advised to hold onto the product and not be convinced by banks to change.

IT took five years of annual pre-budget speculation, lobbying and hopes but, finally, Ireland’s stamp duty regime on house sales has been tackled, simplified — and slashed.

THERE was some small relief for struggling homeowners yesterday with news they will not face interest charges if they fall into arrears on their mortgage.

THE Government is proposing a phased reduction in pension-related reliefs and tax breaks over the course of the next four years, in order to raise €700m in savings, something which has already been criticised as paving the way for a wholesale reduction in people making pension contributions in the future.

MORE than half of all mortgage brokers claim lenders are rejecting up to eight out of 10 applications for home loans.

THE weak state of the housing market is reflected in the latest Central Bank credit figures that show mortgage borrowing fell by 1.6% year on year to end September 2010.

IN a separate response on the pensions market in Ireland, the industry in a joint statement warned that some of the proposed pension policy changes, if introduced, would “impoverish” the middle classes.