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Eamonn Farrell/Photocall Ireland
Mortgage Arrears

AIB commits to working out deals for mortgage holders in arrears

The bank said today it has built up a staff of 300 people dedicated to supporting customers in difficulty.

AIB HAS COMMITTED to working out a deal with its 33,000 customers who are in arrears on their mortgages. The bank has said it will begin contacting mortgage holders over the next few months to encourage them to go to the bank to agree a deal on payment.

Niamh Hennessy of AIB told today that AIB is “committed to working with customers in arrears and our overall aim is to help customers return to a sustainable financial position.”

“AIB has trained more than 2000 people to assist those in financial difficulty and built up a team of more than 300 staff at a dedicated mortgage arrears support unit who provide support in working with customers in difficulty,” she said.

The long-awaited Personal Insolvency Bill was published in December, paving the way for better legal protection of mortgage holders who are in arrears. The legislation calls for banks to have more engagement with homeowners who are struggling to pay their mortgages and in some cases will allow for a write-down of debt.

Taoiseach Enda Kenny has said that the new personal insolvency agency will open its doors in early summer but that he hoped banks would work with mortgage holders who are in arrears before that time.

Related: Personal insolvency agency to open ‘early in the summer’ – Taoiseach>
More: Patrick Honohan: ‘Household financial distress is at unprecedented levels>

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