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HSBC first-half profit slumps 26% as China losses mount

HSBC Holdings has today reported a 26% slide in first-half pretax profit, missing analyst estimates, as impairments from its investment in China's Bank of Communications and exposure to Hong Kong real estate weighed.

Business • 30 Jul

Over 1.5 billion contactless payments, valued at €26.7 billion, were made in 2024

Almost 90% of card payments last year contactless - BPFI

Almost 90% of card payments made in shops, restaurants and other retail outlets last year were contactless, according to the latest Banking and Payments Federation Ireland's Payments Monitor.

Business • 31 Mar

6,185 complaints were made to the Financial Services and Pensions Ombudsman last year (file image)

Over half of FSPO complaints in 2024 about banking

Just over half (3,404) of the 6,185 complaints made to the Financial Services and Pensions Ombudsman last year were about banking, with customer service and disputed transactions the main reasons for such complaints.

Business • 26 Mar

Asia-focused HSBC has announced a new $2 billion share buyback which it plans to complete before next earnings

HSBC unveils share buyback and cost cut targets

HSBC has today posted annual profit that beat estimates, helped by increased revenue in wealth and markets businesses, and set stiff cost-cut targets as its new CEO implements a revamp of the Asia-focused bank to boost returns.

Business • 19 Feb

Syria central bank says depositors' funds at banks 'safe'

Syria's central bank said today that depositors' funds in the country's lenders were "safe" after rebels took the capital, and following chaotic scenes near some official institutions.

Business • 09 Dec 24

HSBC has announced a new leadership structure, which includes the appointment of Pam Kaur as the bank's first female chief financial officer

HSBC merges banking units, names first female CFO

HSBC Holdings said today it would combine some of its commercial and investment banking operations in a major overhaul under new CEO Georges Elhedery, which will see it cut costs while trying to improve returns.

Business • 22 Oct 24

The Central Bank said 39% of home mortgage accounts in arrears were held by banks, while 61% were held by non-banks entities

Mortgage arrears figures continue downward trend in Q2

New figures from the Central Bank show that the number of homes in mortgage arrears fell by 4% between April and June to 45,843, continuing its recent trend of decline.

Business • 20 Sep 24

Most Irish savers have been leaving their cash in easy access accounts that yield little or nothing

Window closing on securing best deposit rates

Pressure was coming to bear on the banks this time last year to offer better returns to depositors against the backdrop of rising interest rates.

Business • 26 Jul 24

The average value of a credit application for new finance from the SME sector last year was €186,000

88% of SMEs who sought bank finance secured funds

The Department of Finance's latest SME Credit Demand Survey shows that of the SMEs that applied for bank finance in 2023, 88% had their application accepted, with 11% denied and 1% still awaiting approval.

Business • 25 Apr 24

Brian Hayes said around 60% of all mortgages are currently insulated from rate rises as they are on fixed rates

Banks defend interest rate policies at committee

Representatives of the country's main banks have defended their policies around the passing on of interest rate increases to customers when they appear before an Oireachtas committee later.

Business • 27 Sep 23

Domestic lenders have been coming under political pressure to improve the rate of return that they offer savers in the current rising interest rate environment

'Difficult' to force banks to raise deposit rates

It will be difficult to force banks to raise deposit rates, according to one financial adviser.

Business • 23 Aug 23

Finance Minister Michael McGrath said he has talked with the NTMA about interest rates

Finance Minister expects to see deposit rates rising

The Minister for Finance has said he anticipates the rate of interest which is paid on savings accounts will increase in the weeks ahead.

Business • 21 Aug 23

Simon Harris yesterday said it was 'utterly offensive' for Irish banks to be 'complete and utter laggards' when it came to passing on to savers the rise in interest rates

Call for bank sanctions if deposit rates not increased

Plans are in preparation to invite representatives of the banking industry before the Oireachtas Committee on Finance, Public Expenditure and Reform, as further criticism is levelled at banks for not passing on interest rate increases to savers.

Business • 14 Aug 23

Paschal Donohoe is attending the summit in his role as President of the Eurogroup

EU banks resilient, have strong capital - EU leaders

The European Union banking sector is resilient because it has strong capital and liquidity positions, European Union leaders said in a statement after a summit today.

World • 24 Mar 23

Decisive and forceful actions are strengthening public confidence in the US banking system, Janet Yellen says

Yellen commits to protecting bank deposits

U.S. Treasury Secretary Janet Yellen has told bankers that she is prepared to intervene to protect depositors in smaller U.S. banks suffering deposit runs that threaten more contagion amid the worst financial system turmoil in more than a decade.

Business • 21 Mar 23

A new financial crisis ended a five-month streak of consecutive increases for Germany's ZEW index

German investor morale tumbles on bank concerns - ZEW

German investor sentiment tumbled in March as concerns about a new financial crisis ended a five-month streak of consecutive increases, the ZEW economic research institute said today.

Business • 21 Mar 23

Major change the predominant theme in banking in 2022

If 2021 was an earthquake year in Irish banking, when two banks stunned consumers by announcing plans to leave the market, then 2022 might best be characterised as a year of aftershocks.

Business • 27 Dec 22

Paul Walsh, CEO of Peopl Insurance, said today's survey shows that people no longer turn to the more traditional banking offerings

28% of bank switchers recommend Credit Unions - survey

A new survey shows that 28% of recent bank switchers would recommend a Credit Union for banking needs, while 21% would recommend a FinTech.

Business • 12 Sep 22

Ulster Bank is exiting the Irish banking market this year

How switching bank may not be as simple as you think

Mary* has been a customer with Ulster Bank for 30 years.

Business • 18 Mar 22

Firms finding it difficult to access credit - Linked

Peer-to-peer lender Linked Finance almost doubled the value of loans it issued in 2021 compared to the previous year.

Business • 17 Feb 22

The Brexit-driven growth means Ireland had the eighth largest international banking sector in the EU by end 2020

Brexit boosts international banks' Irish balance sheets

The Irish balance sheets of large systemically important banks with international operations run from Ireland have grown by as much as €200bn since the UK voted to leave the EU six years ago, a new study has found.

Business • 18 Jan 22

Brussels says its proposals would modestly increase banks' capital requirements by less than 9% on average by 2030

EU pledges application of global bank capital rules

The European Union has today published draft laws to "faithfully" implement the final batch of tougher global bank capital rules from 2025, two years later than agreed internationally.

Business • 27 Oct 21

Marion Kelly, the chief executive of the Irish Banking Culture Board

Irish Banking Culture Board says more work needed

Progress on banking culture is being made but the industry needs to continue to learn lessons and a focus on fair customer outcomes is still critical, according to the Irish Banking Culture Board.

Business • 06 Oct 21

The report says the future profitability and viability of Irish retail banks is critical to their ability to generate capital

Pay cap considerably disadvantages Irish banks - report

A new report on the future of the banking industry finds Ireland's retail banks are at a "considerable and growing disadvantage" compared to other lenders and companies because of restrictions on variable pay.

Business • 29 Sep 21

The EU Tax Observatory said disclosures from 36 major European banks showed they booked a total of €20 billion or about 14% of total profits, in tax havens

Ireland named as bank tax haven by Tax Observatory

European banks have not reduced their presence in tax havens, despite several scandals that have revealed the dubious practices multinationals use to avoid taxes, according to a study published today.

Business • 06 Sep 21