Wednesday October 28, 2020

Life and debt

Irish people are struggling under a torrent of personal debt. Will the new initiatives from the state and banks actually help? Jon Ihle reports.

15th June, 2013
By the end of the month the banks will have to comply with a new Central Bank directive to make proposals for mortgage restructuring to 20 per cent of their borrowers in arrears.

The end of this month should mark a turning point in how Ireland deals with its massive personal debt problem as three major, loosely coordinated attempts to get lenders and borrowers to engage productively to resolve unsustainable debts finally come together.

By the end of the month the banks will have to comply with a new Central Bank directive to make proposals for mortgage restructuring to 20 per cent of their borrowers in arrears. The...

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