Irish central bank supremo Patrick Honohan speaking in Dublin says that too many lenders are still unwilling to fix bad loans. While the nation’s banks are gradually resolving troubled loans he says that;
“Too many creditors adopt a Victorian approach to debt modification where borrowers cannot pay”
Considering the falls in Irish house prices between 2007 & 2012 he says it makes no sense for lenders to avoid repossession even for owners who can’t pay their debt.
Despite things starting to look up in Ireland there’s still a lot of pain on the streets
