Brendan Burgess
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From today's Irish Times
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Allied Irish Banks will ease the terms on 2,000 mortgages a month, according to the bank’s chief executive David Duffy.
The arrears will be tackled by splitting the mortgages, which will see part of the loan repayments put on hold until borrowers’ circumstances improve. Restructuring is being increased from 1,500 mortgages as regulators have criticised Irish banks for being too slow to reduce the number of loans in arrears.
Mr Duffy added that AIB will also start to write off irrecoverable debts.
However, he predicted that more repossessions will be inevitable and said the emphasis will be on seizing buy-to-let properties first. The bank is cleaning up its loan book as it hopes to attract new investors in 2014.
[broken link removed]
Allied Irish Banks will ease the terms on 2,000 mortgages a month, according to the bank’s chief executive David Duffy.
The arrears will be tackled by splitting the mortgages, which will see part of the loan repayments put on hold until borrowers’ circumstances improve. Restructuring is being increased from 1,500 mortgages as regulators have criticised Irish banks for being too slow to reduce the number of loans in arrears.
Mr Duffy added that AIB will also start to write off irrecoverable debts.
However, he predicted that more repossessions will be inevitable and said the emphasis will be on seizing buy-to-let properties first. The bank is cleaning up its loan book as it hopes to attract new investors in 2014.