Repossessions to continue as mortgage arrears rise

Bank of Ireland is set to make more property repossessions this year, as the level of mortgage arrears among its customers continues to climb.

Despite this, the bank has said that its overall loan losses are likely to start declining this year.

Speaking yesterday at the publication of the group’s annual results, chief executive Richie Boucher said that loan losses in Bank of Ireland’s Irish mortgage book “might” increase, while repossession levels — while still low — “will definitely increase, but the vast majority will still be on a voluntary basis”.