Independent TD Mattie McGrath has called on AIB and Bank of Ireland to offer greater assurances to distressed mortgage holders that they will not be abandoned to vulture funds as part of the bank’s efforts to address challenges within their loan book portfolios. Deputy McGrath was speaking as AIB reported profits of €1.6 billion while Bank of Ireland reported underlying profits of €1.08bn for 2017:
“In the case of AIB it is perfectly clear that its return to profitability was secured in large part by the fact that the state became a majority shareholder when it was on in knees in debt.
Now that many thousands of taxpayer families are on their knees in terms of mortgage distress, it is high time the favour was reciprocated.
It would be absolutely obscene for both AIB and Bank of Ireland to viciously pursue families when they are literally billions of euro in profit between them.
I am greatly disturbed to witness the reluctance of senior executives at both institutions rule this option out.
What families and mortgage holders need is a constructive and compassionate approach that aims to maximise fair resolutions. They do not need to be thrown to the wolves as part of some detached financial exercise that ignores the human consequences,” concluded Deputy McGrath.