Wednesday 24 January 2018

Government plans to fast-track buy-to-let repossessions after troika pressure

The Goverment is targeting buy-to-let owners
The Goverment is targeting buy-to-let owners

Fiach Kelly, Colm Kelpie and Charlie Weston

THE Government has told the troika it is considering fast-tracking the repossession of buy-to-let properties.

It is one of a number of new measures outlined in the latest targets agreed between the Government and the bailout partners, the European Union and the International Monetary Fund (IMF).

It can take years for a repossession case to go through the courts.

Now the Government plans to decide by the end of next month if it needs to introduce “tight deadlines on plenary repossession proceedings for non-principal private residences”.

There is also a commitment to deal with “non co-operative borrowers”.

The Government also said it would decide by the end of October whether to give new functions to the specialist judges, appointed to deal with personal insolvency cases.

Meanwhile, the IMF said that tackling the bad debts held by the banks was key to kick-starting domestic spending, job creation and reviving bank lending. The IMF also warned the Government not to ease up on austerity.

The IMF said more social welfare staff should be redeployed to help the long-term unemployed get back into the jobs market.

But Public Spending Minister Brendan Howlin ruled out hiring more staff, saying workers from across the public sector could be transferred into unemployment services.

The report also confirmed that water charges were on their way and were due to arrive by the “fourth quarter of 2014”.

Online Editors

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