‘Tsunami’ of homes risk being repossessedby bank

AIB has confirmed that over 5,700 owner-occupied homes in mortgage arrears face being taken over by the bank amid suggestions that a “tsunami” of repossessions are on the way.

However, bank CEO David Duffy yesterday insisted that the bank was reducing the number of people in arrears. He also said insisted that AIB disposed of the legal route once borrowers engaged with it.

Figures released to the Oireachtas Finance Committee show that 5,709 legal proceedings were begun against homeowners at the end of last year. Another 3,871 private dwellings were also under threat of repossession.