Honohan: Banks too slow on arrears

Banks will have to agree to debt writedowns as part of the resolution of the mortgage crisis, Patrick Honohan, the Central Bank governor, has told the Oireachtas finance committee.

Moreover, Mr Honohan said he had “concerns and was not satisfied” with the pace at which the pillar banks were tackling mortgage arrears.

Bank of Ireland CEO Richie Boucher ruled out debt writedowns when he appeared before the finance committee last year.