Banks Are Relying On The Threat Of Repossessions - Reilly

Sinn Féin Senator Kathryn Reilly has said the banks are still relying on the threat of repossessions to meet the Central Bank's Mortgage Resolution Targets.

Senator Reilly said: "Michael Noonan has said repeatedly under questioning from Sinn Féin in the Dáil that he does not believe letters threatening repossession should count towards meeting the targets. Yet once more it seems the banks have called his bluff and have been allowed to factor them in.


"Only last week minister Noonan stated in the Dáil that: 'I have previously informed the House that letters threatening repossession or legal action could not, in my opinion, be considered a sustainable solution under the mortgage arrears targets process and should only ever be considered after every possible avenue for a solution has been exhausted'.

"Yesterday the Central Bank's figures showed there had been an increase in those in arrears of over 90 days. Today's figures show the banks rely 55% of the time on legal letters to as so-called solutions in these cases. That is unacceptable and Minister Noonan should let the banks know that."

(CD/JP)