BoI urged to follow rivals’ lead on debt aid

Bank of Ireland will be pressed today to follow the lead of AIB and KBC bank and offer distressed borrowers long-term solutions to their debts.

The first of a number of banks to appear before the Joint Oireachtas Finance Committee, Band of Ireland will also be asked to reduce variable mortgage rates in line with what AIB has done in recent days and KBC earlier this year.

A scheme to help distressed mortgage holders in their dealings with the AIB group has resulted in more than 1,300 long-term resolutions being reached in the past year.