Ulster Bank has strongly defended its decision to sell €300m worth of 900 distressed home loans in the Republic, saying the move will eventually strengthen the bank to boost lending.

The Insolvency Service of Ireland (ISI), which oversees the country’s new debt resolution procedures for the thousands of households still facing debt, said its latest figures show that the new regime has so far helped people struggling with an aggregate of €3.75bn in debt.

Struggling homeowners will shortly be able to turn for help and advice to one of 27 special Money Advice and Budgeting Service (MABS) outlets and will also be able to consult with court “mentors” during hearings.

The Government has been accused of backing down on its threats to take action against banks over high interest rates in the face of opposition from the European Commission.

Mortgage advocates have called for the country’s legal system to be given greater powers in the protection of distressed mortgage holders following the revelation that every major lender is in breach of the Central Bank’s code of conduct.

The mortgage system in Ireland has contrived to make strategic default a rational option for distressed borrowers to choose, writes Ross Maguire

An entire branch of Sinn Féin has resigned from the party after the expulsion of one of its councillors, Thousands of mourners have gathered to pay their respects at the funerals of Berkeley victims, the FAI has issued a statement this afternoon dimissing claims it accepted bribes not to injure Lionel Messia during the opening game of the Aviva Stadium. Here’s this evening’s irishexaminer.com catch-up.

Plans for a new centre-left party are believed to be close to completion amid private talks between leading Independent TDs and figures outside Leinster House.

Central Bank figures showing a slowdown in the numbers entering so-called early arrears fails to capture the huge scale of the home debt crisis, debt experts have said.

Bank chiefs are set to be quizzed today on how they propose to offer families with variable rate mortgages a reprieve or otherwise face the threat of Government action.

Staff at Cavan General had highlighted risks posed to patients; Hundreds of tributes have been pouring in for the late Derek Davis; and we ask, what makes a modern Irish family? These are some of the latest and most read news stories on irishexaminer.com this morning.

The Coalition has claimed a major triumph in halting the mortgage arrears crisis by curbing the power of banks to block debt deals — despite the fact that only 115 have ever been vetoed by lenders.

There are some solid ideas on dealing with the crisis in mortgage arrears but more work is needed, writes Ross Maguire.

The finance minister has revealed plans to call in six of the country’s main mortgage lenders to discuss a reduction in interest rates.

A proposed State-backed mortgage solution that would see county councils pay a portion of a borrower’s repayments directly to the lender has been described as “manifestly unthought out”.

I loved Ross Maguire’s column (“Bankruptcy is the game-changer to force the banks’ hands”, Irish Examiner, March 3). The idea that people in arrears might keep their homes, cancel their debts, and start again was a relief. All those financially stressed young people need a break.

By understanding what bankruptcy is, and how it works, people can escape from an impossible debt burden and get on with their lives, says Ross Maguire

A bid by the adult children of solicitor Brian O’Donnell to prevent a bank-appointed receiver taking over the family home was rejected by the High Court yesterday.

New Beginning has apologised after it emerged it sent confidential details of around 1,500 clients to a partner agency in Malta.

The Data Protection Commissioner is investigating a data security breach at mortgage campaigners New Beginning.

Mortgage insurance will drive up prices, provide minimal protection to borrowers and do little to improve the supply of houses as it is “the wrong medicine for the job”, a group of industry experts said yesterday.

A new rule which would see housebuyers forced to save 20% of a deposit before taking out a mortgage is to be delayed.

More than €670m worth of Irish mortgages are to be sold to a US-based private equity firm for an undisclosed sum.

The National Asset Management Agency (Nama) has refuted claims that it has failed to fulfil any of the functions it was established to carry out, saying that any serious, objective assessment of the organisation recognises the value of its work.

A judge’s view that solicitor Brian O’Donnell moved to England to secure a "benign bankruptcy" and avoid his creditors is "entirely irrelevant" to whether he should have been adjudicated bankrupt here, his lawyer has told the Supreme Court.

The Government’s decision to introduce consumer protection legislation for unregulated firms “is merely window dressing” and will have very little impact on customers in mortgage arrears, according to Ross Maguire from financial advice group, New Beginning. 

BUSINESS is brisk at the newly opened Cork offices of New Beginning.

Mortgage lobby group New Beginning has said that the only reason Permanent TSB has decided to offer writedowns on mortgage debt is to discourage people from entering the insolvency process.

None of the other major banks in Ireland are planning on following AIB’s steps and offering customer a debt write-off in limited circumstances.

A TSUNAMI is about to hit the courts.

The first person to benefit from a debt settlement under the new personal insolvency regime is reported to have had up to 70% of his debt written off.

The scale of the long-term mortgage crisis is growing at an alarming rate, the Central Bank has warned, with a third of households in arrears now two years behind in repayments.

Strict new deadlines for banks to conclude deals with mortgage holders in arrears of more than three months will see a rise in repossessions because it will force banks to “go after the low-hanging fruit”, warned the barrister Ross Maguire from the advocacy group, New Beginning.

Former rugby star Frankie Sheahan and his business partner, brother Joseph, have lost their High Court challenge against Bank of Ireland taking possession of a number of their property investments and appointing a receiver over them.

Distressed mortgage holders may have to rethink plans to enter personal insolvency arrangements next week following the realisation they will be chained to their banks for 14 years longer than envisaged.

Decisions on whether a family can afford to live in their current home or be forced to trade down will be the most controversial part of the personal insolvency legislation.

The four adult children of solicitor Brian O’Donnell were required to provide statutory declarations they had no interest in their luxury home in Killiney, Co Dublin, in an effort to get their parents “off the hook” for €71m, the Commercial Court heard yesterday.

Legal proceedings to take repossession of the family home could start as soon as Oct 1 under a new code of conduct on mortgage arrears, being released by the Central Bank today.

Almost 350 people weighed down with debt worries were yesterday given step-by-step advice, not only on how to address their financial worries, but also to stop those worries affecting their mental health.

Up to 100 receiverships initiated by Bank of Scotland Ireland could be struck down by the courts following a High Court ruling.

The Government faces a legal challenge today to the burdening of taxpayers with the cost of bailing out Anglo Irish Bank and Irish Nationwide Building Society.

Former Ireland rugby player Frankie Sheahan, and his brother Joseph, have brought a High Court action aimed at stopping a bank-appointed receiver from interfering with a number of properties they own.

A High Court challenge aimed at seeking the removal of the person appointed as Ombudsman of the Defence Forces has been brought by the the Defence Forces representative organisation PDFORRA.

Spain’s major banks have agreed to suspend house evictions for two years for the most financially vulnerable homeowners after two suicides in as many weeks.