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AIB: €Â€38 million written off from residential mortgages

That's more than 475 million euro the bank has written off in 2013.  The Bank's boss has tol...
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Newstalk

16.15 3 Sep 2013


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AIB: €Â€38 million written off...

AIB: €Â€38 million written off from residential mortgages

Newstalk
Newstalk

16.15 3 Sep 2013


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That's more than 475 million euro the bank has written off in 2013. 

The Bank's boss has told an Oireachtas Committee that they've exceeded Central Bank targets on dealing with those struggling to pay their loans.

But some TDs are concerned it includes almost 6,000 letters threatening reposessions.

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Duffy has also stated that in many cases his bank has no option but to send legal letters to mortgage customers.

He told the Oireachtas committee that AIB made 8,600 offers to customers in mortgage distress in the second quarter of this year but 40% of those letters were threats to engage in legal action, if customers were over three years in arrears.

In relation to the residents of Priory Hall, Mr Duffy said the bank is willing to consider writing down their mortgages.

David Duffy said that the bank is responsible for 27 mortgages at Priory Hall, including 18 families whose apartments were their principal home.

Mr Duffy told the Oireachtas finance committee that he didn't expect there to be a permanent resolution to the crisis in the near future.

He says the bank is willing to write off some of the loans where appropriate.


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