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The Daily PollPoll: Do property repossessions need to happen for recovery to continue?
As painful and as stressful as it will be for those involved, do large scale property repossessions need to take place for Ireland to recover?
GOVERNMENT ARE SET to pass new laws to allow banks to repossess both homes and buy-to-let properties, the Irish Independent has reported today.
Earlier this month, the governor of the Central Bank, Patrick Honohan, said that household financial stress was at “unprecedented levels” and that the rates of arrears were “extraordinary”.
With latest Central Bank figures showing that 86,146 private residential mortgage accounts are now in arrears of more than 90 days, banks will want to act where possible, especially in light of the ending of the Bank Guarantee next month.
So today we ask: Do property repossessions need to happen for recovery to continue?
Poll Results:
No (1474)
Yes (897)
I don't know (812)
have your say