Banks 'must face inevitability of debt-restructuring'

A group which helps struggling mortgage-holders says lending institutions must face up to the fact that some level of debt-restructuring is inevitable.

Latest figures from the Central Bank show that in November, almost 100,000 mortgages in Ireland were either in arrears or had been restructed.

New Beginnings founder David Hall, said: "Most banking organisations probably now realise that the debt as it currently stands is probably not possible to pay back.

"Therefore, there's an inevitability about some level of re-structuring. The willingness to do that is the concern."


Related Articles

The Irish economy is forecast to grow by 4.5% this year.

More in this Section

Pedestrian sues cyclist after footpath collision

Last chance for teenager who punched chairman of residents' group 10 times

Varadkar denies he is under extra pressure to reveal stance on Eighth Amendment

Detective maintains her innocence after being jailed for harassing State solicitor


Today's Stories

Leo Varadkar under pressure to reveal view as Micheál Martin backs repeal of law on abortion

Roma living in rat-infested conditions and going to bed hungry

240 homeowners in Co Clare told pay €2.25m for defects

Cork City Council 'treating us like dogs' say homeless Travellers

Lifestyle

The biggest cancer killer will take your breath away

Hopefully she had an idea...

Power of the press: Meryl Streep and Tom Hanks discuss 'The Post'

More From The Irish Examiner