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IFG Group plc and National Irish Bank make switching easier

Date: 24-10-2006
Source: IFG Group plc

IFG Group plc and National Irish bank make switching easier

Landmark deal between National Irish bank and IFG Group’s Title Insurance Subsidiary First American

Release – 24th October 2006 

 IFG Group plc is pleased to announce that their title insurance subsidiary, First American has secured National Irish Bank as a major client win for the company. Commenting on the deal, Trevor Grant , Managing Director of the mortgage and title insurance division of IFG Group said; “As the switching and re-mortgage sectors continue to gain traction in the Irish mortgage market, its is vital that lenders look beyond the traditional legal process to provide a faster and more cost effective service to their clients. First American is delighted to add such an innovative player such as National Irish Bank to its client portfolio. Consumers have really tuned into mortgage switching and it now represents the fastest growing segment of the mortgage market. As interest rate hikes continue (with a possible sixth increase expected later this year) consumers are choosing to manage their mortgages loans more efficiently and have become increasingly aware of the savings that can be made through switching their mortgage. We estimate that tens of thousands of mortgage holders will switch this year. The average lifespan of a mortgage is now less than 5 years and it is anticipated that this will further reduce to a lifespan of 3 years, as the tendency for renegotiation and switching increases.”

 National Irish Bank rocked the mortgage market last week with the announcement of their new LTV (loan to value) Mortgage pricing model which significantly undercuts the rates of almost all other lenders. This is positive news for consumers and represents the boldest move since the arrival of Bank of Scotland Ireland.  Mortgage brokers anticipate that the other lenders will move to defend their market share with a range of new mortgage deals.

 Commenting on First American’s role in National Irish Bank new product offering, Kevin Gallen, Deputy Chief Executive said; “It is essential from our perspective that our switching process is scalable and robust and our own risk is insured, as this will enable us to deliver a highly efficient switching service to our customers. First American has a proven business model and therefore were the logical choice to facilitate the legalities for our switcher customers. We are confident that our customers will benefit from a streamlined switcher process as it will make its easier and cheaper for consumers to move their mortgage. “

 Trevor Grant went on to say “We estimate that the Irish re-mortgage and switching market together with top-ups is worth between approximately €20 billion. This indicates that consumers are definitely smartening up and viewing their mortgage as a tool in their financial armoury when used carefully can reduce the overall outgoings. The fact that switching was historically an immensely cumbersome process may have deterred many from using this useful financial tool to reduce monthly mortgages repayments significantly. While most of us struggled to qualify for our original mortgage, with a 5-10 year track-record behind us, the lenders are lining up for our business; so ultimately it’s never been easier or cheaper to switch to a lower rate. ”

      About First American

·      First American is the title insurance subsidiary

·       First American employs 80 people in IFG’s Group’s head office in Booterstown Co Dublin. The title services provided by First American are underwritten by First Title Insurance plc.

About National Irish Bank

·       National Irish Bank, now part of the Danske Bank Group, has 700 employees, 59 branches and 13 business banking centres.  In addition to serving personal customers, the bank also caters for business and corporate customers. 

·       In April 2006, a 12 month programme to migrate National Irish Bank (together with sister bank Northern Bank) onto Danske Bank’s technology platform was completed. The programme involved 2,500 people across the Danske Group, 85 projects and an investment of €150m. The Bank believes its technology is now the best in the market for personal and business customers.

·       All National Irish staff have been through a major retraining exercise which has involved more than 2,500 training days

·       In March 2006 National Irish Bank was named `Best Financial Institution’ in the Investor Magazine/MoneyMate Awards 2006.  

·       National Irish Bank’s technology programme was named ‘ICT Project of the Year – Private Sector’ at the ICT Excellence Awards 2006.    

·       National Irish Bank was awarded the ‘Inspired IT Team of the Year Award’ at the BT Inspired IT Awards, 2006.

·       In April 2006, National Irish Bank re-branded and introduced a range of new products and services for personal and business customers. These included ’s first product packages which bring together a customer’s basic banking requirements - current account, credit card, overdraft and eBanking. These products, together with National Irish Bank’s mortgage offerings, have been a regular feature in media best buy tables. 

·       National Irish recently announced plans to open 15 new branches over the next 3 years. 

For further details, log onto www.nationalirishbank.ie.

 

 

 

 


IFG Group plc. interim results to June 2006

Date: 24-08-2006
Source: IFG Group plc.

IFG Group Interim Results 2006

 

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  Adjusted
Measures
6 Months
ended
30 June 2006
 Adjusted
Measures
6 Months
ended
30 June 2005
 IFRS
Total
6 months
ended
30 June
2006		 IFRS
Total
6 months
ended
30 June
2005
  Unaudited
€’000		 Unaudited
€’000		 Unaudited
€’000		 Unaudited
€’000
Revenue n/a n/a 50,817 42,523
Operating Profit 7,940 6,155 7,980 5,601
Profit before taxation 7,098 4,988 7,138 4,434
Adjusted earnings per ordinary share - in cent 8.18 5.97 n/a n/a
Basic earnings per ordinary share - in cent n/a n/a 8.90 5.13
Renewal income 14,205 13,666 n/a n/a
Group debt 27,634 38,471
Interim dividend per ordinary share - in cent 1.05 0.95 n/a n/a

Notes :

Commenting on the results, Mark Bourke, chief executive, said:

“Our performance continues to improve in each division and we remain optimistic that we will deliver to
expectations.”

For Further information please contact :
Mark Bourke
Chief Executive
IFG GROUP PLC
Tel Dublin (353 - 1) 2752800
E-mail: securemail@ifg.ie 


IFG Group Annual General Meeting

Date: 20-06-2006
Source: IFG Group plc.

The IFG Group plc Annual General Meeting takes place at 12 noon on Tuesday 4th July at Jurys Hotel, Ballsbridge, Dublin 4


 

© IFG Group plc 2007
Registered in the Republic of Ireland No. 21010
Registered Office: IFG House, Booterstown Hall, Booterstown, Co. Dublin
Tel: + 353 (0)1 2752800 | Fax: + 353 (0)1 2752801
Email: group@ifg.ie