Bank officials deny reports they are able to write off mortgage debt

The Irish Bank Officials Association has dismissed suggestions that bank officials are being allowed to write off their debt as a myth.

It follows reports that some bank staff, who are getting part of their mortgage debt written off, will have to pay tax to the Revenue Commissioners because they received the loans at discounted rates from their employers.

It is reported that Revenue wants the bank workers to pay tax on the amount that is written off.

However, IBOA General Secretary Larry Broderick says that is simply not true.