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Aug 12 2022, 08:15 IST/BST
Banks
ICS significantly tightens mortgage lending criteria
- Sectors : Banks
- Companies : permanent tsb Group | AIB Group | Bank of Ireland
Ratings
Ratings and price correct at time of issue
| Company | Rating | Date | Previous Rating | Date | Closing Price |
|---|---|---|---|---|---|
| AIB Group | OUTPERFORM | 23/01/19 | Neutral | 14/08/18 | 229c |
| Bank of Ireland | OUTPERFORM | 11/03/13 | Neutral | 14/08/12 | 579c |
| permanent tsb Group | OUTPERFORM | 04/02/21 | Neutral | 06/03/19 | 152c |
DAVY VIEW
The move by ICS Mortgages to significantly tighten criteria comes as somewhat of a surprise but is set against a backdrop of higher funding costs and a strong performance so far in 2022. Due to their funding model, non-bank lenders are more sensitive to changes in market conditions but will remain an important part of the mortgage market given the structural changes in Ireland from bank exiting and the increase in mortgage intermediation.
