Bank of Ireland Mortgage Arrears Continue To Increase

24 April 2012 17:00 - Jack Stupple

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Bank of Ireland Mortgage Arrears Continue To Increase

Bank of Ireland has said the proportion of its Irish mortgages in arrears rose this year amid a weak economy and high unemployment. The bank which had 5.6% of Irish home loans more than three months behind in payments in December, expects loan losses to reduce from 2011. It posted a €1.94 billion charge last year. In a statement the bank said, “Given the continued difficult conditions in the Irish economy, our Irish business customers who have a high dependence on the domestic market continue to face challenges.”

The bank says that despite some positive signs for Irish competitiveness and consumer confidence, “domestic economic indicators remain weak, unemployment remains elevated, and residential property prices do not appear, as yet, to have fully stabilised.” It notes that arrears in its residential mortgage book continue to increase but says it is engaged with customers who are in difficulty and seeking loan restructures.

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