More people were declared bankrupt in the first three months of this year, than in all of 2013, according to new figures from the Insolvency Service of Ireland. Statistics released today show there were 66 bankruptcies in the first quarter of 2014, compared to 58 for the whole of last year, which had the highest number of new bankruptcies on record. In December the bankruptcy term was reduced from 12 to 3 years, the Irish Times reported. The total debt involved in bankruptcy adjudications in the first quarter of this year was almost €136 million.

Nama hired receivers to some companies controlled by Garrett Kelleher, a developer who planned to build North America’s tallest building in Chicago, according to sources, the Irish Examiner reported. Nama named Mazars to take control of assets tied to Mr Kelleher’s Dublin-based Shelbourne Property Group, said the sources. Nama is seeking to recoup the €71.2bn of loans owed by developers that the agency bought from banks after the country’s property market collapsed.

The Central Bank says it will not disclose how much SME debt has been restructured by the pillar banks, the Irish Examiner reported. In reply to a letter by Fianna Fáil finance spokesman Michael McGrath, Cyril Roux, the deputy governor of the Central Band, said the focus was on securing long-term forbearance arrangements for customers in arrears. The two pillar banks are currently meeting their quarterly targets, he added.

A team led by chief executive Patrick Rowland has emerged victorious in the race to take control of beleagured sports chain, Elvery Sports, beating challenges from British retailer Sports Direct, which is controlled by Mike Ashley, and Irish chain Heatons, in which Mr Ashley also has a stake, the Irish Times reported. The Mayo-headquartered chain was placed into examinership in February after being granted High Court protection from its creditors, including Nama, which is owed € 23 million.

Among the various US property assets controlled by Irish Bank Resolution Corporation (IBRC), the zombie corpse of Anglo, there appears to be a circus, the Irish Times reported. Okay, that’s not quite true – it’s actually a shopping centre in Tampa, Florida called the Channelside Bay Mall – but the legal furore surrounding the bank’s efforts to offload it is turning into a circus. IBRC, which has Chapter 15 bankruptcy protection in the US, has been hit with a blizzard of lawsuits in recent weeks over Channelside.

European Central Bank President Mario Draghi said "considerable progress" has been made in mending Ireland's banks but more needs to be done to ensure the stability of the country's financial system, The Wall Street Journal reported. The "outstanding issues" include completing the restructure of damaged banks, dealing with "the still very large stock" of soured loans and "ensuring the viability of all nationalized banks," Mr. Draghi wrote in a March 20 letter he sent in reply to correspondence from Fianna Fáil, Ireland's largest opposition party. The party released the letter Monday.

Global ratings agency Moody’s says the outlook for Irish banks remains negative because of the “extremely high level” of problem loans, the Irish Times reported. In a report published yesterday, Moody’s Investors Service noted poor performing loans accounted for nearly 30 per cent of the rated banks’ total loans. Ongoing asset-quality problems exposed Irish lenders to further valuation adjustments, it warned, despite growing signs of recovery in the wider economy. On the upside, the agency predicted new loan impairments were likely to continue to decrease and profitability improve.

Merrill Lynch told the government in 2008 the cost of bailing out the banks would only be a quarter of the €64 billion it eventually cost the taxpayer, the Irish Times reported. The information has been disclosed by Department of Finance documents released to Sinn Féin finance spokesman Pearse Doherty in recent days. In a 45-page presentation to the Department of Finance on November 18th, 2008, Merrill Lynch estimated it would cost some €16.4 billion to fund a State rescue of the banks.

A group involved in brokering deals between banks and distressed mortgage holders has reported a sharp increase in activity, the Irish Times reported. The Irish Mortgage Holders’ Organisation (IMHO) said it had recently negotiated 97 deals involving customers of Allied Irish Banks that included some form of debt write-down. In one case, involving a couple in Cork, the bank had written off €195,000 in mortgage debt while allowing the couple and their two children to remain in the house. The deal is believed to be one of the largest mortgage write-downs agreed by the State-owned bank.

The Chartered Accountants Regulatory Board has been asked to formally investigate the conduct of KPMG as auditors of Irish Nationwide Building Society, whose collapse cost the State €5.4 billion, the Irish Times reported. Sinn Féin finance spokesman Pearse Doherty has written to Carb to ask it to examine audit reports, prepared for the failed building society by KPMG in the financial years 2006 until 2009, under seven different headings.