Press Releases

Iasachtaí Críonna Teo

Iasachtaí Críonna Teo acts as a link between customers and mortgage and bank loan companies. Special interest rates and other incentives were suddenly terminated when the crisis began approximately two weeks ago resulting in the loss of business for Iasachtaí Críonna Teo.

The credit crisis arose due to a sudden review of sub-prime lending credit terms, as a result of the lending market in the United States being in disarray. The Northern Rock Bank is an example which illustrates the extent of the crisis with queues of people anxious about the future, gathering to withdraw their savings. Even The British Chancellor provided a warrant in this instant.

As a result of the crisis, Contact 4 lost a lot of business and money. In order to continue trading, the directors were required to invest additional money in the company, and forced to cut staff back to the level of business remaining.

Arising from a meeting held last night with the director Pierce Flynn, the following has been confirmed:

  • the shareholders have invested substantially in the company to improve its financial state;
  • the current difficulties in Iasachtaí Críonna Teo do not have any implications for the other customer call centres in An Daingean or Acaill;
  • the company will continue with its plans to establish a customer call centre in Cill Charthaigh at the beginning of 2008;
  • the company expects the credit market will stabilize between now and Christmas and that business and levels of employment in Iasachtaí Críonna Teo will return.