Insolvency service is nothing more than an overpaid quango
We can't allow banks, who have a vested interest, dictate debt settlement terms writes, James Fitzsimons
THERE are new targets for banks when dealing with customers in mortgage arrears. The Central Bank agreed them with the Troika.
The targets, set last March, require the banks to offer sustainable solutions to 50 per cent of their customers by the end of the year and it is to rise to 70 per cent by next March. Now the banks are to conclude agreements with 15 per cent of their customers before the year is out and bring it up to 25 per cent by March. That leaves the majority out in the cold and it shows there is no end in sight to the crisis.
The shenanigans were exposed when the heads of banking went before the public accounts committee last month. The banks didn't offer enough viable solutions and to meet their quotas they threatened legal action instead.