Monday 20 February 2017

Banks still holding up insolvency solutions

Published 15/04/2015 | 02:30

There is still an enormous number of people in serious financial debt, whether it is bank borrowings or mortgage arrears, and the banks are continuing to exercise their veto to have one in every four deals rejected
There is still an enormous number of people in serious financial debt, whether it is bank borrowings or mortgage arrears, and the banks are continuing to exercise their veto to have one in every four deals rejected

The good news is that there has been a marked increase in the number of consumer debt deals done under the auspices of the Insolvency Service of Ireland, meaning that people have been able to sort out their financial affairs and can set about making a fresh start.

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The bad news is that there is still an enormous number of people in serious financial debt, whether it is bank borrowings or mortgage arrears, and the banks are continuing to exercise their veto to have one in every four deals rejected.

The Insolvency Service of Ireland (ISI) believes that, after a very slow start, it now has the "momentum" to begin dealing with this debt problem. But it urgently needs to deal with the power of the banks and financial institutions to veto insolvency deals.

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