Monday 5 December 2016

Grudge-bearing banks seem prepared to defy all commercial logic

Published 15/04/2015 | 02:30

Permanent TSB has emerged as the mainstream bank most likely to veto an insolvency arrangement
Permanent TSB has emerged as the mainstream bank most likely to veto an insolvency arrangement

When it comes to being stubborn, banks take some beating. They have been shown to reject State-sanctioned debt deals, and instead force consumers to opt for bankruptcy in four out of 10 cases.

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This is despite the banks losing an average €100,000 on each vetoed debt deal.

This means the financially stricken consumer is left with no choice but to have themselves declared bankrupt.

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