Banking Inquiry: BoI will continue to seek repossession shortfall costs

Bank of Ireland has signalled that it will continue to seek shortfall costs from people even after they have lost their home.

Addressing the Oireachtas Joint Committee on Finance, Public Expenditure and Reform, Stephen Mason of the bank’s mortgage division said: “That is the nature of full recourse lending.”

The bank told the committee it had performed strongly in 2014, and that 92% of its owner-occupier mortgages were not in default.