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AUDIO: Bank heads for quizzing on mortgage arrears

AIB chief executive David Duffy will appear before the Oireachtas Finance Committee today to face...
Newstalk
Newstalk

07.40 3 Sep 2013


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AUDIO: Bank heads for quizzing...

AUDIO: Bank heads for quizzing on mortgage arrears

Newstalk
Newstalk

07.40 3 Sep 2013


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AIB chief executive David Duffy will appear before the Oireachtas Finance Committee today to face questions on the mortgage crisis.

He's one of the four chief executives of the main banks who are being brought before the group, as part of three days of hearings.

The aim of the session is to assist the committee in finding solutions to the mortgage crisis and measures to ease the burden on struggling homeowners.

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Bankers have been given government targets of addressing 50% of mortgages by the end of the year.

Labour Deputy and Chair of the Oireachtas Finance Committee, Ciarán Lynch, says now that more specific targets are in place - an update is needed:

Deputy Lynch is hoping today's appearance will be more productive than a first visit from the bank chiefs earlier this year, "at that time they had no targets in place, with regard to dealing with these difficulties and secondly the number of solutions that they were providing were quite limited."

The chief executives are also likely to be pressed on the measures they're taking to cut the pay of their staff.

The government's laid down strict targets for the banks on how to cut pay - but left it up to the banks themselves to decide how to meet them.

This week the chief executives of AIB, Bank of Ireland, Ulster Bank and Permanent TSB will appear at the Oireachtas finance committee to update TDs on their progress.


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