Saturday 14 December 2019

Bailout chiefs warn Government’s new debt-relief plan could be swamped by property moguls

Independent reporters

THE European Commission is warning that the Irish Government’s plan to free individuals from crippling debt could be overwhelmed by demand.

Bigger debtors with personal borrowings of up to €3m, mostly linked to property deals, could take so long to assess that ordinary households are pushed to the back of the queue, according to an initial draft of a report due to be published on January 23.

The Commission document has been circulated to TDs and, more controversially, to members of the German parliament’s financial oversight committee.

Also in Business