IL&P loan losses double as arrears rise 24%

THE country’s biggest mortgage lender, Irish Life and Permanent (IL&P), said arrears have risen 24% while loan losses have more than doubled.

Homeloans in arrears by more than 90 days rose from 6.8% at the end of 2010 to 8.8% at the end of June, while repossessions at the bank rose from around 50 to 80 in the first half of the year.

The bank also said that it has around 9,500 restructured loans on its books, 1,200 of which would have been in arrears.