Boucher: BoI will veto debt write-downs

Bank of Ireland says it will use its veto against a Personal Insolvency Arrangement if a debt write-down is suggested.

The Bank's group CEO Richie Boucher told the Oireachtas Finance Committee the bank's policy and practice is to never write off debt.

Figures just in from the Department of Finance show that at the end of February, there were 78,000 residential mortgages in arrears for more than 90 days.

Just last week, the Insolvency Service of Ireland admitted it had secured just four mortgage write-downs in its first seven months.