Ireland has the fourth highest government debt to GDP ratio in the European Union, despite recording the largest drop in debt from the third quarter of 2013 to the end of the same quarter last year, the Irish Times reported. New figures published by the EU statistics office Eurostat show Irish debt now stands at 114.8 per cent, having fallen by 9.4 per cent from 124.2 per cent over the period under review. With a government debt to GDP ratio of 176 per cent, Greece has the highest debt among Member States.

The National Asset Management Agency made a loss of €292.9 million on the disposal of various debtor loans in the first nine months of last year, according to its latest set of unaudited accounts, the Irish Times reported. It is understood that this relates to the sale of a large portfolio of assets in Northern Ireland last year, which resulted in a loss being booked. However, the State agency made a profit of €150 million on the sale of property assets to leave it with a net loss on disposals in the nine months to the end of September 2014 of €143 million.

Demand for mortgage loans increased in the final quarter of last year ahead of expected new stricter lending rules, the Irish Times reported. According to the Central Bank bank’s latest quarterly lending survey, the potential introduction of stricter loan-to-value criteria resulted in “an acceleration of demand”. However, the survey, which examines credit market conditions for households and businesses, the strength of the reported increase in demand was lower than the record level reported in the third quarter.

Irish development and investment group Ardale Property has completed its acquisition of Weslin Construction, which was in examinership. The €500,000 deal will save 15 jobs and position Ardale across a number of sectors, the Irish Times reported. Alan Hegarty, of Ardale Property Group, said that the investment “was an easy one”. “We would not have made this investment unless we felt we could bring Weslin forward.

Kenmare Resources, the Irish mineral sands miner hit by the fall in commodity prices, is seeking to finalise a deal with lenders to restructure its debt load by the end of the month. Dublin-based Kenmare has struggled with the size of its debt and a succession of operating problems, including power-supply interruptions. The company, founded in 1986, “has disappointed on many levels over a long time”, said one shareholder, the Irish Times reported.

A Galway-based company is being sued by a Luxembourg investor over the alleged effective cancellation of a €2 million loan note when it was converted into shares before the firm was sold off, the Irish Times reported. In Commercial Court proceedings, it is claimed Éire Composites, which designs and manufactures lightweight high-performance materials for the aerospace, marine and motor sectors, was bought by businessman Thomas Flanagan last November despite objections by Carlo Tassara Assets Management Ltd (CTAM), with registered offices in Luxembourg.

The liquidator of insolvent Setanta Insurance expects there could be a “significant shortfall” between available funds and the total value of claims, The Irish Times reported. Paul Mercieca of Deloitte, who was appointed as liquidator to the Dublin-based insurance company in April 2014, said that as a result of the expected shortfall he intends to make advance applications to the Insurance Compensation Fund on behalf of claimants. The State-backed fund, which was established in 1964, is one into which all Irish insurers pay into to cover claims in the event of a company going bust.

The number of people using the Insolvency Service of Ireland has increased dramatically in recent months while the number of banks blocking debt settlement deals appears to be falling. According to new figures released by the agency the number of Personal Insolvency Arrangements dealing with debts including mortgage debt approved in the last three months of 2014 increased by 148 per cent over the three preceding months and exceeded the previous three quarters combined, the Irish Times reported.

The cost to individuals of filing for bankruptcy in Ireland has been slashed to €270 from about €1,400 a year ago in a bid to make the process more affordable for those in financial distress, the Irish Times reported. This is in addition to the Insolvency Service of Ireland (ISI) waiving fees until the end of 2015 relating to personal insolvency arrangements (PIAs). These previously cost about €500. The lower fees for bankruptcy were quietly introduced on December 31st. It involves a fee of €200 as a contribution to the work of the official assignee in bankruptcy cases.

The State could eventually recoup all the cash used to bail out AIB, Bank of Ireland and Permanent TSB, Minister for Finance Michael Noonan has said. This would leave the €35 billion cost of bailing out Anglo and Irish Nationwide as the final cash cost to the exchequer from the banking collapse.