The value of debt processed through the courts has risen by more than half in the first quarter of the year to almost €500 million, mainly as a result of the National Asset Management Agency (Nama).
The agency succeeded in getting judgments of €357 million during the quarter.
Stubbs Gazette, which documents default judgments, said the total value of default judgments in the first three months of the year was €304 million, 21 per cent ahead of the same period last year. A further €188 million of unregistered judgments were recorded in the period. However, the volume of judgments fell by 8 per cent in the same quarter, meaning that the monetary value of judgments was increasing.
Stubbs managing director James Treacy said Nama was the main driver in the “step change” behind the increases.
The volume of satisfactions recorded during the quarter fell close to a historic low at just 18. The value of satisfactions, although up 29 per cent, remains in the doldrums at just €484,000, a fraction of 1 per cent of the total value of judgments.
