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

Our goal should be creation of a sustainable economy AND a just society

Experts’ warning shot on surging growth

Spring Statement: "Over blown, over bearing and out of touch"

New car sales speeding ahead

More in this Section

Man stabbed at Swedish House Mafia gig settles case with organisers

Gardaí appeal to the public for assistance in locating Corkman Alan Donohue

First Jobstown protest jailing: 16-year-old gets six-month sentence.

Gardaí appeal for information about missing man Douglas Twomey


You might also like

Today's Stories

Girl, 16, dumped out of car after sexual assault

Man freed as State drops murder charge over body found in a bog

Watch as Cork students recall Sistine Chapel performance with The Edge ... in words and song

Suspected sexual abuse in foster family

Lifestyle

The Noel Redding experience is a story that needs to be heard

Birthday boy David Attenborough is still the king of wildlife

Dublin’s delights make for a great day out with the kids

Do people with epilepsy suffer discrimination in the workplace?

More From The Irish Examiner