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THE DIRECTOR OF Bank of Ireland’s Mortgage Arrears Resolution Process (MARP) division has said that the bank has met and exceeded targets for resolving mortgages that are in arrears.
Stephen Mason was appearing before the Oireachtas Joint Committee on Finance today to discuss the mortgage arrears crisis.
Alongside the company’s CEO Richie Boucher, Mason said that at the end of June there were 11,774 mortgages in default. 3,104 of those were classified as being in the legal or resolution process and 3,164 had been made an offer in terms of a restructure.
Boucher said that the bank “does not consider a letter from the bank to be a legal process”, adding that the bank only considers a legal process to be begun when a solicitors letter has been sent out.
However, the bank was not able to provide a breakdown on what procedures had been initiated with those 3,164 mortgage holders. They did say that of the 337 split mortgages in the country, Bank of Ireland was responsible for 226, or 67 per cent.
The bank’s presentation shows that at the end of June, nearly 5,000 people had been offered term extensions, 3,578 had been offered reduced payments, 1,167 were offered arrears capitalisation and 1,514 were offered a mixture of measures.
Boucher said that the offers made in the second quarter would “largely” follow those trends.
The lack of a breakdown provoked anger from committee members, with Sinn Féin TD Pearse Doherty accusing the Bank of Ireland representatives of playing “the committee for fools” and Fine Gael TD Kieran O’Donnell saying that the bank should have the figures available.
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He’s not playing them for fools, they ARE fools.
To true a bunch of idiots questioning someone way more clever then they are. Some committee…………
In every case outlined, where the bank was restructuring debt, instead of the bank taking any loss they are actually making a huge profit out of it. The bank are actually trying their best to make money out of people in arrears instead of dealing with the debt. If ever there was proof needed that these parasites are psychopaths, here it is and they agree with it.
Absolutely, the two resolutions offered to my situation have been adding three years to a personal loan and five years to the mortgage, for a whopping saving of approximately €200 p/m, we’ve had a drop of €700 p/m. I tried explaining this and it has fallen on deaf ears. Also experiencing being rushed into signing the papers. Profit comes first.
Duffy’s & Boucher’s display of arrogance and subterfuge before the committee is insulting and disgusting, but sadly not surprising. They are like this because they know they can be, the government won’t do a damp thing.
Columcille predicted that Ireland would be ran by sleeveens who would talk in nothing but figures;
Thankfully he also predicted their rapid and sudden demise !
Economic parasites.
Who? The banks or the politicians?
Where’s the LIBOR investigation in Ireland ?
While ye have Richie in there ask him how the P.I.P. inquiry is going and how the two former Fraud Gardai are settling in to their new jobs with him.
I think his views on the massive loss on the Bank of Ireland headquarters in Nassau Street would be worth hearing ; just as an outside view ..current cost to taxpayer ; c. 180 to 200 million plus interest and fees to the Troika !
As a bank of Ireland variable mortgage customer who’s going to pay the price for the stragetic defaulter. I am along with thousands of other with an increase in interest rate whenever it suits the bank
You actually believe this strategic defaulter exists,if you take the word of the banks, your a fool. They were proven to have lied through their teeth in the same committee in 2008, and now they have a nice sounding term which can be used to blame the ordinary citizen instead of themselves and property developers and sheep like you are more than happy to take them at their word.
Edward I’m not a fool and I don’t believe everything the bankers say. However I know of one person who was brasen enough to tell me he’s defaulting on 3 rental properties he has. He told me his plan is to hide the rent he gets the till the banks reposses them and then start over again with one property which he’ll buy for cash and put it in his girlfriends name. Also I was on holiday in France earlier this summer. Every evening in the campsite parents of small children would get talking in the playground. After a few night you be suprised what complete strangers would discuss. I remember one night there was a group discussion and two out of 5 couples said they were in arrears on their mortgage. They still had money to go on holiday and I can tell you it wasn’t a cheap holiday.
Shouldn’t the headline read “Bank of Ireland has addressed threatening letters to 53% of defaulting mortgage holders”
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