Troika told banks will be off leash to repossess homes and harass families

Ministers have told the troika about how they will let banks off the leash to repossess homes and harass families mired in mortgage debt misery with increased “cold contacts”.

In the Government’s latest assessment of how well it is complying with the economic straitjacket imposed by the IMF-EU-ECB troika in return for bailout funds, Finance Minister Michael Noonan has made it clear that far more pressure will be put on people struggling with debts seen as unsustainable by lenders.

In reference to its efforts to push through laws overturning an effective High Court bar on mass repossessions in force since 2009, the document states: “We recognise the need for efficient repossession procedures to promote the completion of sustainable mortgage solutions.”