A letter sent by the Anti Eviction Taskforce.
by Anti-Eviction Taskforce on Sunday, December 23, 2012
Dear Mr Archie Kane (Governor of Bank of Ireland)
As part of the initial refinancing of BOI, the Minister for Finance Mr Noonan advised that Bank of Ireland received €4.7bn recapitilisation plus €1.8billion to cover losses that might result from residential mortgage default.
The Anti Eviction Taskforce ask that the Bank of Ireland clarify for what purpose exactly has this €1.8 billion been used, in light of their recent statement declaring 'no debt forgiveness' to mortgage holders in distress. Is BOI still in possession of this €1.8billion and what are BOI's intentions in respect of this fund if not for debt forgiveness/relief?
As BOI is well aware, the number of mortgages in arrears continues to rise in Ireland and this €1.8billion was provided by the state for the specific purpose of lessening the impact of mortgage default on the Irish economy, on BOI and, of course, the distressed mortgage holders.
The Anti Eviction Taskforce also ask the Bank of Ireland to detail what options are currently being offered by them to the distressed mortgage holders on their loan books, other than so-called Voluntary Sale, Voluntary Surrender and Trading Down.
In the absence of any clarification or data on this matter from BOI, it is reasonable to assume that the funds provided to compensate BOI for losses as a result of mortgage default are either still on BOI books or have been used for purposes other than the intended, which of course would be illegal.
The Anti Eviction Taskforce request BOI to provide clear and detailed answers to the above questions and warn that failure to adequately answer will result in our turning to the judicial system, on behalf of distressed mortgage holders, in order to obtain same.
Yours
The Anti-Eviction Taskforce.
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