THERE must be some modest signs of relief out at First National's head office in Booterstown after the British Office of Fair Trade (OFT) renewed the credit licence held by The Mortgage Corporation (TMC). First National's £53 million buy last year.

It seems that under the previous ownership of Salomon Brothers, TMC was accused of operating aggressive practices towards mortgage holders with payments arrears.

Salomon always denied that its practices were a trifle heavy handed, but that did not prevent the OFT stating publicly that it was "minded to revoke" TMC's credit licence, without which it couldn't do business.

TMC has since brought some amendments to its arrears procedures and this week was given the all clear from the OFT.