Coghlan expresses disappointment at high number of repossessions by state owned banks

Fine Gael Senator for Kerry and Government Chief Whip in the Seanad, Paul Coghlan, speaking in the Seanad today (Friday), expressed his disappointment that the banks driving the largest number of repossessions are those supported by the State.

Senator Coghlan said:

“It is disappointing to see that of the banks driving the civil bills process seeking repossessions in counties Cork, Limerick, Donegal and Kerry, 6% of repossessions are being pursued by Bank of Ireland while a massive 60% have been carried out by AIB and Permanent TSB.

“The Government will announce a new set of measures designed to focus in particular on the still unacceptable large numbers of families in long term mortgage arrears now facing repossession of their home and the Taoiseach has not ruled out the possibility of further legislation.

“The insolvency Service of Ireland (ISI) is in place to help people, in a very practical and understanding way. Thankfully we have seen an increase in the number of people availing of personal insolvency arrangements which are a solution to the arrears problem. However, there can be no solution to the debt problem in Ireland without the cooperation of the banks and we need to see all banks engaging in this process in good faith.”