Martin: Floodgates will open for repossessions

The floodgates will open for the repossession of family homes because of increased powers given to banks, Fianna Fáil warned as it predicted 23,000 properties will be seized.

New rules setting out targets for banks to engage with distressed mortgage holders will “exacerbate” the imbalance in their relationship with borrowers, the party leader, according to Micheál Martin.

“The momentum now is towards repossession,” he said, referring to a new code of conduct for banks to engage with customers, and planned legislation allowing banks to begin repossessions.