Scale of potential Irish mortgage write-offs emerges
A clearer picture of the scale of distressed Irish mortgages has emerged after Allied Irish Banks revealed that up to 10,000 of its most distressed borrowers will probably need long-term refinancing solutions, including possible debt write-offs.
AIB revealed the figure on Wednesday afternoon when chairman David Duffy appeared at the Irish parliaments committee on finance, public expenditure and reform.
"Its the first time banks have started to put numbers on possible mortgage debt forgiveness," said one London-based ABS analyst. It gives a useful indication
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