Finance committee to question bank about policy on debt forgiveness deals for financially distressed borrowers in wake of controversy over DJ Carey debt settlement
Finance committee questions bank about policy on debt forgiveness deals for financially distressed borrowers in wake of controversy over DJ Carey debt settlementAIB executives are appearing before the Oireachtas finance committee this afternoon to answer questions about the bank’s policy on debt write-offs for borrowers in financial difficulty in the wake of the controversy over the debt settlement agreed with former Kilkenny hurling star DJ Carey.
He referred back to his opening statement where the bank applies “robust” criteria around assessing income and assets available, and the affordability of a borrower before reaching a full and final settlement of debt that may involve the write off of residual debt after this process. In a reference to reports about DJ Carey’s debt deal, Mr O’Keeffe said, without referring to the hurler, that he acknowledged that the commentary had “caused a lot of upset for customers.”
He declined to answer Mr Doherty’s question on how many of the debt write downs of more than 90 per cent for the 1,900 borrowers were for loans of over €1 million since 2015. “Our primary objective is to engage with the customer and to make every effort to come to an agreed arrangement to adapt to their changed financial circumstances,” he said.
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