AIB steps up mortgage restructuring

The head of AIB has said the State-owned bank is easing terms on 2,000 mortgages a month, in a bid to clean up its troubled loan book and encourage new investors by next year.

David Duffy has told Bloomberg that AIB has stepped up mortgage restructuring from an original target of 1,500 a month, and is also beginning to write off some debts.

He also said the bank is tackling arrears by splitting mortgages, or putting a portion of a loan repayments on hold until a borrower's circumstances improve.

The tactics have already been recommended by Government in the Keane report.

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