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Mark Bourke appointed as CEO of IFG Group plc
Date: 06-06-2006
Source: IFG GROUP PLC
IFG Announce Appointment of CEO
IFG Group plc announces the appointment of Mark Bourke as the Group’s new Chief Executive Officer with immediate effect.
Speaking at the announcement, Chairman Joe Moran said, “We are delighted to make this appointment. Mark’s contribution as Finance Director during the past five years and more recently as CEO of the Group’s Irish Operations has had an enormous positive impact on the financial and operational fortunes of the Group. His strong leadership skills, undoubted operational ability, vision for the business and reputation within the market made him the logical choice. Under his leadership we are confident that IFG is now well placed for growth.” According to the new CEO, Mark Bourke “The business is in good shape and our focus now is on developing the Group’s three divisions. In
each division we see considerable opportunity to grow organically and through acquisition.Examples of our development plans include, the recent Jersey acquisition by our International division which is already fully integrated, Seniors Money, our new and innovative life-time loan solution for the over 60s which we’ve joint ventured with Sentinel, and the launch of IFG Spain, which offers much needed independent legal and tax advice to overseas property buyers.” Mark went on to say, “IFG is very much a people business and we are fortunate to have such a strong senior management team and high quality staff at all levels. We are committed to developing these talented people who are critical to our future success.”
IFG is a diversified advisory and administrative financial services operation with three businesses of scale in Ireland, the UK and International, based in the Isle of Man.
For further information please contact:
Mark Bourke, CEO IFG Group plc
Tel: 00353 1 2752808
Mobile: 00353 86 9680222
mark.bourke@ifg.ie
Richard Hayes, Group Chief Executive resigns
Date: 27-03-2006
Source: IFG Group plc.
IFG Group plc announces that Richard Hayes, Group Chief Executive, who had previously indicated that he would be stepping down as Chief Executive this year, has to-day announced his resignation. He will remain on as a non-executive director of the Company.
In the interim period, pending the appointment of a new Chief Executive, Mark Bourke, Deputy Chief Executive assumes day to day responsibility for the affairs of the Group. A sub committee of the Board has been set up to deal with the appointment of a new Chief Executive.
Results for the year ended 31 December 2005 will be announced on 12 April 2006.
As stated previously the trading performance in the operating business was strong in the second half of 2005.
Commenting to-day Richard Hayes said:
“Over the past fifteen years IFG has developed through green field start ups, organic growth and acquisitions into a Group with three businesses of scale, in Ireland, the UK and Internationally. Each has outstanding management and the prospect of material growth over the next few years. I look forward to my continued involvement with the Group as a non-executive director”.
For further information contact :-
Mark Bourke
Deputy Chief Executive
IFG Group plc
Ph : 01 2752800/ 01 2752808
Email : mark.bourke@ifg.ie
IFG Mortgage Broker Solutions tops €1.5b turnover
Date: 16-01-2006
Source: IFG GROUP PLC
IFG-Mortgage Broker Solutions tops €1.5b as mortgage brokers signup with network to solve regulatory and lender pressures
Over 20% of full-time mortgage brokers have signed up to IFG-Mortgage Broker Solution’s packaging network. The company estimates that 60% will have joined a mortgage network by 2010.
IFG-Mortgage Broker Solutions have announced market leading growth in mortgage lending for the 5th year running. With this record business growth, IFG is now the dominant force in the independent mortgage market.
- Overall mortgages drawn down grew to over €1.5bn representing an increase of 29.3% on 2004, well ahead of the market average. This performance was on the back of substantial growth in each of the previous 5 years.
- In this period, the company’s share of the independent market grew to over 27%.
- The number of independent mortgage brokers joining this unique support network continues to grow. IFG-Mortgage Broker Solutions now represents over 20% of the independent mortgage market and this trend is likely to grow significantly over the next 2-3 years.
Small to medium sized mortgage brokers are struggling to offer their client comprehensive independent advice as lenders continue to apply minimum volume targets.
Many brokers are effectively reduced to 3-4 agencies (out of a possible 12) severely restricting the choices they can offer potential mortgage customers.
Prior to the creation of MBS’s network, these and other scale factors would previously have squeezed out the smaller mortgage brokers or indirectly forced them to become tied agents to one or two lenders.
Commenting on this development and on the growth of networks like MBS in the wholesale mortgage market, Trevor Grant MD, Property Division, IFG Ireland said, “While increased compliance regulation is to be welcomed as it both protects and increases consumer confidence, it also adds significantly to the administration overhead of the small to medium operator. This along with being able to offer customers more lenders and greater flexibilities has resulted in many more brokers joining the MBS network, which is a positive step for consumers and brokers alike. Brokers feel comfortable with our network as we do not sell direct to the consumer and therefore do not compete directly our broker partners. ”
Market Trends
Residential
- The proportion of regular home purchases has dropped to below 50% of all mortgage business, as the re-mortgage sector continues to grow rapidly. Within this group, there has been a significant change in trends over 2004, with over 96% (up from 90%) of the retail mortgage applicants choosing new homes over second-hand ones.
- Average mortgage size for this group has grown by 6% reflecting increases in disposable income and a greater flexibility in lending practice.
Re-mortgage
- Overall, IFG-Mortgage Broker Solutions estimate that the market has grown by over 50%.
- Applications continue to grow dramatically in size with an average level of almost €197,000 (up 19% from €169,000 in 2004) reflecting the increasing costs of trading up or building on an extension.
- A greater percentage of consumers are choosing to wrap all of the debts under a mortgage availing of interest rates of 3.5%, often selecting dual repayments terms.
Commenting on these market trends, Trevor Grant, MD, Property Division, IFG Ireland said,
“Consumers expect and should receive total choice and genuine transparent independent advice. There has been a significant shift towards full-service independent mortgage brokers. Consumers appear to be heeding commentators’ advice to seek independent advice before making a major financial commitment – This is equally applicable to mortgage services as it is with legal and other services.”
Predictions for 2006
- 2006 is likely to be another bumper year for the industry with;
- Re-mortgaging expected to grow by a further 40%+ as consumers attempt to reduce their outlay and more lenders offer switcher options.
- Greater product innovation as new lenders enter the mortgage market.
MBS estimate that almost 50% of mortgage applicants will choose to deal with a mortgage broker (rather than directly with a bank or building society), showing a real trend towards comprehensive advice, enabling customers to get a better deal in the long run.
Within the IFG-Mortgage Broker Solutions Mortgages network which accounts for approximately 27% of the broker market, all mortgage agents are paid the same commission regardless of which product or lender they recommend. Each IFG network agent has complete freedom to place the mortgage wherever is best for the client. All brokers within the IFG network have access to the maximum number of home loan providers in the broker market.
The combination of the Title insurance company, First American, and the IFG branded network and its wholesale packaging mortgage arm MBS; make IFG Ireland the largest independent authority in the mortgage market.
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