Ireland: Banks issue legal proceedings to repossess 50,000 homes

‘The move to issue legal letters to so many homeowners who are not meeting their repayments has been criticised as a “cop-out” by those who help people in arrears.

New figures provided by Central Bank Governor Patrick Honohan show that half of what is being classed as solutions for those in arrears are made up of threats to repossess homes.

The figures are for the six main banks – AIB / EBS, Bank of Ireland, Ulster Bank, KBC Bank, ACC and Permanent TSB.’

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