Ulster stance at odds with Central Bank

Ulster Bank has ruled out debt forgiveness for the 13,500 customers in forbearance arrangement, putting itself at odds with the Central Bank governor, Patrick Honohan.

Mr Honohan recently told the Oireachtas finance committee that long-term debt modification and debt forgiveness would have to form part of the banks’ armoury in tackling the mortgage arrears crisis.

However, as detailed in the interview below, Ulster chief Jim Brown says the bank does “not support debt forgiveness”, was confident it could “put in place an arrangement that meets the customer’s needs” and that it would work with customers on a case-by-case basis.