Tuesday 21 November 2017

Mortgage losses may well push banks over the edge

THE proposed takeover bid for EBS threatens to expose the full extent of Irish mortgage arrears. With almost €100bn of mortgages on their books, the Irish-owned banks are staring at tens of billions of euro of fresh loan losses which could be enough to push them over the edge.

This week a group led by Wilbur Ross, an American hedge fund manager who specialises in buying assets out of bankruptcy, confirmed that it was bidding for State-controlled building society EBS.

As part of his noisy campaign to win support Ross held out the carrot of writing down the mortgages of financially distressed homeowners.

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