Friday 23 February 2018

AIB shareholders told the bank’s mortgage book still deteriorating

Peter Flanagan

Peter Flanagan

AIB’s mortgage book continues to deteriorate, the company said yesterday, as borrowers struggle to keep up with repayments.

At the lender’s annual general meeting this morning, chairman David Hodgkinson said 16pc of the bank’s mortgages were now in some form of forbearance, up from 15pc at the end of last year.

More than a third of buy to let mortgages are now at least 90 days in arrears, while 12pc of loans for private dwellings are behind.

Mr Hodgkinson added he is considering writing to former executives at the bank to ask them to take a voluntary cut in their pensions.

At an often bad tempered meeting, the chairman and his board came under repeated attack from shareholders who lost most of their holding during the crash.

Shareholders voiced concern about AIB’s IT systems in the light of Ulster Bank’s problems, but Mr Hodgkinson claimed the systems were “robust” and there was no threat of something similar happening to the bank’s customers.

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