Banks hit back at Central Bank criticism

Some lenders say government policy and new regulation have actually made it harder for them to deal with the high level of mortgage arrears, writes Jon Ihle.

17th February, 2013
Patrick Honohan of the Central Bank said that mortgage arrears were now the number one issue for the bank. Photo: Press 22

Lenders and financial advisers have reacted with frustration and confusion to recent threats from the Central Bank that banks will have to raise extra capital or face other unspecified sanctions if they don't deal with the problem of mortgage arrears more quickly.

Mortgage market sources have complained that Central Bank governor Patrick Honohan and his senior executives have failed to back up critical statements with specific actions, while giving a public impression that the banks...

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