10 Apr 2014

BofI’s Richie Boucher tells Finance committee it’s ahead of mortgage restructuring targets

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BANK of Ireland says it is significantly ahead of targets to restructure problem mortgages set by the Central Bank.

Offers were made to 64pc of customers who are three months or more behind on their home loan, against a target of 50pc set by authorities.

Deals had been completed in relation to 40pc of the problem mortgages, against a target of 15pc, officials at the bank said.

The bank said 86pc of deals done are working.

Bank of Ireland chief executive Richie Boucher’s pay was raised briefly as he and senior executives from the bank began presenting their latest mortgage resolution to the Oireachtas Finance Committee today.

It is the last of the four main banks coming before the committee this week.

Earlier this week, it emerged that State-owned banks are set to seize thousands of properties as they work through the fallout from the mortgage crisis, according to figures presented by nationalised lenders AIB and Permanent TSB to the Oireachtas Finance Committee.

But up to 2,000 AIB customer will see some of their home loan written off as part of a split mortgage deal or when they opt to sell the property at a loss.

Permanent TSB is also considering a scheme to cancel the debt remaining after a home is sold, TDs were told.

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