EC to take on Ireland over borrowings

Taoiseach Brian Cowen has said the Government would work constructively with the EU Commission when it begins formal proceedings against Ireland over the high level of borrowing in next year's Budget.

Economic Affairs Commissioner Joacin Almunia said today that he intended opening an excessive deficit procedure against Ireland.

The Government will be expected to say how it will cut borrowing levels over the next three years.

http://www.rte.ie/news/2008/1103/eucommission.html

Repossession orders hit record high

THE High Court yesterday saw the largest number of applications from the banks for home repossessions so far this year.

Both Irish and foreign lenders filed cases for "possession orders", where loans had fallen into arrears.

While the majority of the applications were from Start Mortgages and GE Capital, a number of big-name Irish banks were also seeking the orders, including AIB and Bank of Ireland.

Judge Elizabeth Dunne granted eight repossessions yesterday, most of which were in favour of sub-prime lender Start Mortgages, which is a market leader for the sub-prime sector.

They supply loans to people who have difficulty getting finance from the high-street banks.

There were 19 new applications for possession orders before the High court yesterday, the highest so far this year. And, in total, there were 54 cases before the court, again, the highest number this year.

In the past, Irish banks have been hesitant to go down the route of repossession, due to fears of poor public relations as a result.

http://www.independent.ie/business/personal-finance/property-mortgages/repossession-orders-hit-record-high-1433094.html