Saturday 3 December 2016

Courts award €52m to banks so far this year

Published 25/04/2015 | 02:30

Public transport needs an extra €300m per year according to a report
Public transport needs an extra €300m per year according to a report

Banks were awarded €52.4m in 86 separate bad debt judgments against consumers in the first three months of this year.

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That's a 56pc increase in value compared to the same period last year, according to business website Vision-net.ie

Some 537 judgments against consumers were awarded to either the Revenue Commissioners or Credit Unions, representing about two-thirds of the total number of consumer judgments awarded.

These judgments had a combined value of €18.2m.

Vision-net managing director Christine Cullen said the amounts being pursued in the first three months of the year have increased significantly.

"In value terms, banks feature heavily on the list of plaintiffs, suggesting that financial institutions may be accelerating their efforts to clean up their balance sheets by tackling legacy debts," Ms Cullen said.

"Though we are clearly well on the road to recovery and growth predictions are improving almost monthly, legacy debt is one of the major challenges our economy must overcome if it is to enjoy long-term stability."

While the value of judgments has risen, the number of judgments awarded against consumers dropped by 3pc on the same period last year, from 839 to 816. In total, 1,061 judgments were awarded.

Irish Independent

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