BOI chief: Not all mortgage arrears 'end up in a repossession'
The Chief Executive of Bank of Ireland Richie Boucher has said his bank has made a profit for the taxpayer.
The heads of Bank of Ireland and Ulster Bank will be asked about the mortgage crisis today.
Mr Boucher and Jim Brown are appearing before the Oireachtas Finance Committee where politicians will ask them what they are doing for mortgage holders in arrears.
He told the Committee that the State's investment of €4.7bn in Bank of Ireland has turned a profit and claimed that Bank of Ireland is less affected by mortgage arrears than other banks.
Mr Boucher also said any legal proceedings against customers in arrears won't always lead to repossessions.
He said: "We do not anticipate that all customers, where a legal process has commenced, will end up in a repossession scenario.
"What we have found is that as the first solicitor's letter arrives, then engagement does come from our customers."
Yesterday, the AIB Chief David Duffy said the sending of 6,000 legal letters to borrowers was considered by his bank as "offering a long-term solution".
Sinn Féin's Finance Spokesperson Pearse Doherty said that is not good enough and he wants the Central Bank to clarify.
