Boucher: BoI planning to restructure mortgages

Bank of Ireland has said it has not set a target for home repossessions.

It follows a report in yesterday's Sunday Business Post in which Ulster Bank's chief executive Jim Brown said his bank intended to increase the number of properties repossessed to more than 1,000 per year.

This morning Bank of Ireland announced losses of €1.4bn for 2012, down from €1.5bn at the end of the previous year.

Up to 10% of the bank's home loans are in arrears, while 23% of buy-to-let loans are in arrears.

Bank of Ireland Chief Executive Richie Boucher said there is no target for repossessions in place at his bank.

Mr Boucher said: "We don't have a target for repossessions, we have a target for restructure and to work with our customers.

"During 2012, we had 96 properties in possession at the end of the year, we had sold 88 of these properties from repossessions and we had another 80 possession orders waiting at the end of the year."

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