Banking
Ian Guider: It’s time to stop the extend and pretend, banks should write off unpayable debt
The small number of ‘won’t pay’ customers will never engage, but it is cruel to pursue the greater number of ‘can’t pay’ borrowers 15 years after the crash
A decade ago, David Duffy, the then boss of AIB, landed himself at the centre of a storm for claiming that one in five of the bank’s mortgage customers were taking the strategic decision not to pay their loans. “It’s not discretionary to stay in your home and not pay your mortgage,” Duffy said, as the bank issued legal letters to customers reminding them of their obligation to repay their borrowings. The comments set off ...
