Latest news with #BankingandPaymentsFederationIreland
Irish Examiner
7 days ago
- Business
- Irish Examiner
First-time buyers fuel rise in mortgage approvals
A total of 4,705 mortgages were approved in April this year, marking an almost 5% rise compared to the previous month. New figures released by the Banking and Payments Federation Ireland (BPFI) found that first-time buyers made up more than 62% of total approvals, while mover purchasers accounted for 18%. On an annual basis, the number of mortgage approvals rose by almost 6% compared with April last year. Mortgages approved last month were valued at just over €1.5bn, of which first-time buyers accounted for 64% and mover purchasers for 21%. The value of mortgage approvals rose by just over 5% month-on-month and by 13.6% year-on-year. Meanwhile, re-mortgage/switching activity rose by 53.5% in volume terms year-on-year and rose by 74.8% in value in the same period. Commenting on the publication of the latest data, Brian Hayes, Chief Executive, BPFI said: 'The latest mortgage figures show continued growth in approvals in April 2025, with volumes up by 5.8% year on year and values up 13.6% over the same period. "There were 2,922 first-time buyer approvals valued at almost €1bn in April, the highest April levels since the data series began in 2011. "While the volume of mover purchase approvals fell by 5.9%, the value of those approvals rose by 0.7% to €317m, the highest April level since the data series began.' 'In annualised terms, 31,853 first-time buyer mortgages valued at almost €10bn were approved in the twelve months ending April 2025, the highest activity levels since the data series began." The value of mover purchase approvals also reached a new high at almost €4bn over the same period, BPFI figures found. 'We can see from today's figures that lenders are supporting more and more first-time buyers, which points to a healthy pipeline for lending in the coming months," Mr Hayes added. However, first-time buyer housing demand is also growing, as evidenced by the 14,554 applications for Help to Buy in the first three months of 2025. This is up from 9,991 in the same period of 2024.'
Irish Independent
25-05-2025
- Business
- Irish Independent
Major push needed to boost foreign and domestic tourism after significant drop, report warns
While nearly 1.1 million foreign residents visited Ireland in the first quarter of 2025, this is down from 1.4 million visitors during the same period last year. The data, showing a 300,000 decrease in visitors, comes from the latest 'SME Monitor' published by the Banking and Payments Federation Ireland (BPFI). The report highlighted that there is potential for balanced growth in the tourism sector but cost pressures and price increases are presenting risks. Brian Hayes, chief executive of the BPFI, said: 'Given that global trading conditions are likely to deteriorate, and Ireland's reliance on foreign direct investment, these efforts will be critical to ensuring that growth is more balanced and not overly reliant on unpredictable international trends.' Last year, Ireland welcomed 6.6 million foreign resident visitors who spent an estimated €8.2bn, including on travel fares, up 12pc from 2023. 'Given their importance to the economy, this trend in foreign visitors should be monitored closely, but domestic tourists also make a crucial contribution. 'Irish residents spent an estimated €3.6bn on domestic travel in 2024, an increase of 15.3pc year-on-year,' Mr Hayes said. He noted that 80pc of tourism businesses in Ireland expected stable or increased visitor numbers this year. 'Although cost pressures along with continued increases in prices could risk Ireland's affordability and competitiveness in the tourism sector in the future,' he said. Mr Hayes said that overall, the SME Monitor report found that the economy was 'performing well' this year to date. Central Statistics Office (CSO) estimates show that Irish gross domestic product (GDP) is up 13.3c when compared with the same quarter last year. 'However, most of this growth was driven by multinational exports,' Mr Hayes said. He explained that this is largely due to front loading, particularly to the US, by multinational firms reacting to tariff threats by the new US administration. He added: 'It is encouraging to see that with the publication of the new Tourism Policy Framework for the period to 2030, there are new efforts to boost business tourism and year-round domestic travel.'
RTÉ News
13-05-2025
- Business
- RTÉ News
Geopolitics the top concern for international banks here
Nearly eight in ten international banks in Ireland say global political tensions could hit their business in the next five years. That is according to a new report by the Federation of International Banks in Ireland (FIBI) and Banking and Payments Federation Ireland (BPFI). FIBI represents more than 30 international banking and investment organisations – including many of the world's leading global banks and investment firms such as Bank of America, JP Morgan and Wells Fargo. This latest research was carried out in February, after Donald Trump was elected US President. 79% of firms said geopolitical tensions are a key concern, while 39% cited it as a main challenge. This is a significant jump from last year when less than 40% were concerned, and just 9% said it was their top concern. FIBI members are also concerned about increased regulation here and the diverging regulations internationally. Davinia Conlan, Chair of FIBI and Country Head for Citi Ireland said this is no surprise. "This is to be expected against the backdrop of a growing tide of regulation coming into force both domestically and at EU level, exacerbated by the increased complexity caused by the varying approaches taken to implementing regulations in different jurisdictions," she explained. Despite these challenges, most international banks and investment firms in Ireland continue to grow and are positive about their future outlook. Around 61% of respondents expect the level of business activity in their Irish operations to increase in the year ahead, while the rest believe it will remain unchanged. In terms of overall business sentiment, 25% expect a deterioration and only 32% expect to see some improvement. According to the most recent figures from the Department of Enterprise, Trade and Employment, internationally owned business, financial and other services firms were responsible for direct spending in the Irish economy of €5.5 billion. That included more than €3.9 billion in payroll costs alone, as well as expenditure on Irish-sourced materials and services. Meanwhile, the financial industry's exchequer contribution reached €7.7 billion from financial and insurance activities. "Ireland is recognised as a major European and global hub for international banking and investment firms, hosting operations for more than 30 international banks and ranked eighth largest exporter of financial services in the world," Ms Conlan said. This is down from sixth place in 2023. The US tops the list, followed by the UK and Luxembourg. Today's report reveals that Ireland's international banks make a significant contribution to employment across the country. Employment in FIBI member firms is up by over 20% on pre-pandemic levels from 2019, with almost 14,700 employed at the start of 2025. "As the international financial services industry grows in Ireland, the talent pool is expanding organically, and many companies now have a depth of experience that was not previously available to them," said Ms Conlan. "The quality of talent available is also having a positive impact on growth in the sector, which is helping FIBI member firms to expand their business and develop beyond initial plans," she added. Overall, Ms Conlan said the responses to the survey give confidence that the sector will continue to perform, but she said there is no cause for complacency. "We have seen all too clearly in recent months just how quickly the environment can change," she said. "It is now more important than ever that all stakeholders in this country - industry, Government, and regulators – come together and actively seek to enhance Ireland's position as an attractive location for international banking activities," she added.
RTÉ News
29-04-2025
- Business
- RTÉ News
Average home mortgage drawdown hits new record high in first quarter
New figures from Banking and Payments Federation Ireland show that the average home mortgage drawdown value reached €327,972 in the the first quarter of 2025 - the highest level on record. BPFI's latest figures show that a total of 9,190 new mortgages worth €2.807 billion were drawn down by borrowers during the first three months of the year - an increase of 10.3% in volume and 19.1% in value on the same time last year. It noted that first-time buyers remained the single largest segment by volume (57.8%) and by value (59.1%), while re-mortgage/switching volumes and values increased by 18.7% and 30.6% year on year respectively. BPFI also published its Mortgage Approvals Report for March, which showed that a total of 4,492 mortgages were approved during the month. Some 2,736 were for first time buyers (60.9% of total volume), while mover purchasers accounted for 848 (18.9%). The number of mortgages approved in March rose by 31.3% month-on-month and by 18.9% year-on-year. Mortgages approved in March 2025 were valued at €1.428 billion - of which FTBs accounted for 62.4% and mover purchasers accounted for 22.5%. BPFI said the value of mortgage approvals rose by 32.5% month-on-month and by 29.7% year-on-year. Meanwhile, re-mortgage/switching activity rose by 77.1% year on year in volume terms and by 100.4% in value. Brian Hayes, chief executive of BPFI, said that reflecting trends in housing prices, the average home mortgage drawdown value reached its highest level on record at €327,972 in the first quarter of 2025. He said this was driven by significant increases in average drawdowns on secondhand homes. "The average FTB mortgage on secondhand properties exceeded €300,000 for the first time, increasing by 9.7% year on year to €302,018, more than double the average drawdown in the first quarter of 2014," he said. "The average mover purchase mortgage on secondhand properties increased by 9.6% to a new high of €370,790," he added.
The Irish Sun
25-04-2025
- Business
- The Irish Sun
New ‘may not receive payment' warning for Irish workers in DAYS as employers told to pay early amid wage delay fears
IRISH employees have been warned that they "may not receive" their wages or salary on time next week due to a European holiday. And, with payments between banks likely to be "subject to delays", employers are urged to ensure wages and salaries are submitted earlier than usual. Advertisement The European And businesses have been urged to ensure that payment requests for wages and salaries due on May 1 are submitted earlier. If they are not, employees won't receive their payments on time. Banking and Payments Federation Ireland warned that, even though banks in Ireland will remain open on that day, electronic payments cannot be made in euro on that day. Advertisement READ MORE IN MONEY Explaining the impact, Leah Donnelly, BPFI's Manager of Payment Schemes, said: "The annual European May Day holiday falls on Thursday May 1 and European institutions including the European Central Bank, which operates the banking settlement system across Europe, will be closed. "While banks are open in Ireland on that day, the European holiday means that electronic payments in EURO cannot be made to bank accounts in Ireland or anywhere else across "Essentially this means that anyone expecting a EURO payment into their bank account on this date may not receive the payment until Friday May 2." Consumers and businesses paying employees or suppliers must allow more time for payments to reach the beneficiary. Advertisement MOST READ ON THE IRISH SUN And the payment must be made in just four days time. Donelly explained: "Employers who normally pay weekly wages into employees' accounts on a Thursday, or monthly salaries on the 1 of the month, will need to submit their payment requests to their bank by Tuesday April 29, with employees receiving their funds on Wednesday April 30." It has been confirmed that standard payment processing cycles will apply again from Friday, May 2. A BPFI spokesperson said: "BPFI member banks are engaging directly with their customers and government departments to ensure that, where necessary, payments impacted by this are paid early and are processed on time. Advertisement "As such, customers should raise any queries they may have directly with their bank, credit union or post office." WHAT IS MAY DAY? MAY Day celebrations are held on the first of the month every year with its traditions dating back hundreds of years. The day is meant to coincide with the arrival of warmer weather and longer days, with the earliest records of a spring festival dating back to Ancient Egyptian times. May Day is traditionally a Pagan festival, Belthane, which says goodbye to winter and marks the beginning of summer. And although summer doesn't properly begin until June, May Day marks the beginning of the season. While May 1 itself is not a bank holiday, the first Monday following that date is declared a national holiday. Separately, consumers will be hoping that banks in Ireland won't face into any technical problems on the bank holiday on May 5. IT issues are often reported on bank holidays. Over the Easter bank holiday, PTSB reported that it was " Advertisement Dozens of customers were furious over the incident, taking to to share their frustration. One declared: "I'm closing my account. And this happens before a bank holiday. Shame on you." Another customer wrote: "Can you let your customers know what's happening please. App down, site down, can't get through on phone and no info anywhere". The IT issue was later resolved by the bank. Advertisement 1 Businesses are urged to ensure payment requests for wages and salaries due on May 1 are submitted earlier Credit: Getty Images - Getty
