The new breed couldn't see through the spoof.
The false P60 practice was actively encouraged in the Celtic tiger , 3 different brokers in our case enquired if we could manipulate our P60s as we worked with family businesses..
As a retired banker who first cut his cloth in 1970 I have seen it all. Tricksters with false P60's and Certificates of Income. Making up stories about all the overtime that they could work. Renting out the Boxroom. Not telling us about the Credit Union Loan that they were getting. So happy to take the most expensive House Insurance and Mortgage Protection Policy from us. Anything to get the loan in fact.
Those of us with the experience saw through all of this. Unfortunately a new breed of banker was created in order to cut costs by senior management, who in turn had no banking experience themselves. We the Organ Grinders were relegated to 2nd place.
The new breed couldn't see through the spoof. Loans were given to everyone. Lots of people took advantage of this.
They didn't pay their mortgage but had two new cars in the driveway. Lots of holidays. Plenty of take out meals. Cigarettes.
The new breed of banker couldn't cope but they were all in it together so nobody took the blame. Ran to the hills.
A friend of mine whose salary I guessed was about €30k borrowed €150k. I was really shocked at the time. She showed me her p60 which showed that she was on €60k which surprised me. But her employer ran a separate dud payroll system to provide employees with overstated P60s. BoI refused her as the net amount lodged did not match her P60. But the broker got her a mortgage with IIB Home Loans/KBC as they were the only lender who did not ask for bank statements at the time.
So they were all in it together. The borrower for lying about her income. The employer for giving her a false P60. The broker for identifying the only lender who would give her 5 times her salary and of course, KBC, for allowing themselves to be defrauded.
Brendan
As a retired banker who first cut his cloth in 1970 I have seen it all.
Guys, it might be worth going back to the Mortgages Forum around 2005 and 2006. You will see plenty of examples of borrowers complaining about not being able to get a mortgage. I remember in particular one borrower at the time claiming discrimination as he had been refused a 100% mortgage.
I also remember being on Matt Cooper with the MD of permanent tsb and I was arguing against 100% mortgages. My objections were dismissed. From memory, it subsequently transpired that his predecessor had gone to the Financial Regulator arguing that they should not allow 100% mortgages. And if they did not ban them, then ptsb would be forced to compete by offering them. The FR said that they would not interfere with the market and so ptsb offered them.
Brendan
And the banks letting of Charlie Haughey FF and Garrett Fitzgerald FG.
For the good of his health, of course.As far as I know, he borrowed money to invest in Guinness Peat Aviation.
We could see the spending habits of our customers. We had their cancelled cheques, we could see their Visa card statement. Didn't matter. Up their credit so they could spend more. And customers did.
The crash came and those who partied decided not to pay. The bankers who gave them the loans ran for it. Now today's banker is trying to tidy up the mess and today's borrower are being asked to pay more.
If you're going to allow twenty year olds to have credit cards
There is no reason for AIB not to have pursued Garrett for the remainder of the debt. That they would have done so if it were Brendan Burgess.
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?