Wednesday 7 December 2016

NAMA offers hope to ailing house market

Published 13/04/2011 | 05:00

THERE was a glimmer of good news yesterday for the two extremes in the housing market -- those struggling to repay mortgages; and those willing and able to take on a new one but who find the banks are not forthcoming.

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Looking at AIB's horrific figures yesterday, one can see why the bank would be unable to provide credit, even to low-risk borrowers. It is harder to see why it and the other banks kept insisting there was no problem.

Not only did AIB have €10bn of losses last year, it lost €22bn of its deposits and had to replace them with very short-term loans from the ECB. These are not circumstances in which credit is going to flow.

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