Thursday 21 September 2017

Coalition to face Troika grilling on mortgage deal targets

Michael Brennan Deputy Political Editor

THE troika is set to question the Government on whether the banks have met their targets on mortgage write-offs during their second-last visit here.

Officials from the European Commission, the IMF and the European Central Bank have been arriving every three months since the bailout deal was agreed in 2010, but are due to depart at the end of this year.

The Department of Finance said the agenda for the visit included the issue of mortgage arrears, with the banks required to have offered deals – by the end of last month – to one-fifth of the 142,000 householders in arrears.

Ulster Bank has said it has met its target, but both Bank of Ireland and AIB have declined to reveal if they have.

LOSERS

The troika has put pressure on the Government to sort out the mortgage crisis, which it sees as one of the biggest factors holding back the economy.

Fine Gael Wicklow TD Simon Harris said it was an issue that both the Government and the troika wanted to get resolved before the end of the bailout programme in December.

"It's time the banks showed us the colour of their money. We need to see them living up to their commitments, and if they haven't, it's time the Central Bank bared its teeth," he said.

Fianna Fail finance spokesman Michael McGrath said: "There has been continuing foot-dragging by the banks with the acquiescence of Government, and the losers are the families involved."

Irish Independent

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