Banks vow to halt repossessions in return for state aid

THE Government will seek to protect struggling families and individuals from seeing their homes repossessed provided that they work “honestly and reasonably” to reschedule mortgage repayments, Taoiseach Brian Cowen has said.

The banks would distinguish between “those who can’t pay and those who won’t pay”, he indicated.

“Those who can’t pay because of their changed circumstances will be dealt with in a way that is reasonable and right for the circumstances,” he said.