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Worth a read! The fractious Oireachtas hearing of AIB/BoI public interest directors on 20th Dec; transcript available -
“Chairman accused these directors of "pleading the fifth" by stonewalling. The PTSB public directors hearing on 19th Dec still not available.”
In relation to MARP, the advice Thought and Action would give is not to fill out the MARP form. Whilst the MARPS process is claimed publicly to assist those in arrears with their mortgage payments, in practice it has been widely used to oblige people to sell their property- at current market prices. This ensures there will be substantial debt remaining to the vendor once the selling price is deducted from the outstanding loan. In reality, MARP is a smoke and mirrors affair, designed to give a “caring” façade to banks to the wider public, but which in reality is quite the contrary. It’s another question for the banks to answer.
https://www.facebook.com/AntiEvictionTaskforce
“this is a personal statement from an AET member about their treatment by the banks ... After continuous negotiations with the Bank of Ireland via the (MARP) (CCMA) for over two years, they sent a letter signed with an illegible signature that cannot be recognised as it is just a scribbled blob of nonsense; non-identified name offering Voluntary Sale, Voluntary Surrender and Trading Down. My wife and I are in the process of telling them to identify this person who says she/he is the"Manager Mortgage Support Unit" Bank of Ireland. The B.O.I. won't identify this person to us. This is what we are up against. This scribbler then told us that if we disagree with the decision, we should appeal to the Mortgage Appeals Board. We sent various letters (3) with recorded delivery to the Bank of Ireland saying we cannot appeal or respond to anything until we know who this person is. Hardly clear communication when (MARP) (CCMA) is being abused by these people in the Bank of Ireland in this way.
Personally, I am fairly up to dealing with bullshit but this must be even more of a nightmare for most people who would not be as up-to-speed on this type of treatment. I should also add that I had a mental breakdown last week after a suicide attempt and was released from hospital a few days ago. People are dying in Ireland due to suicide caused by these types of pressures. When will something constructive be done by the Banks/Government. I am prepared to go public with this story and the AET know my identity. The Bank of Ireland are doing nothing to help struggling mortgage holders and when they talk of restructured mortgages all they mean is Deffered Interest Schemes. The Bank of Ireland are doing nothing but torturing Irish Mortgage holders”
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.
(http://www.sligotoday.ie/details.php?id=8717 Photo: Richie Boucher happy with pension bonus)
See article below. For details on the Bank of Ireland see www.blankofireland.com/
By Maeve Dineen Business Editor
Monday December 17 2012
BANK of Ireland has ruled out providing debt forgiveness for struggling homeowners.
The move will come as a blow to the thousands of BoI mortgage holders who are in arrears and were hoping for some form of debt forgiveness under the new personal insolvency laws.
Last night, the bank's chief executive Richie Boucher categorically ruled out reducing a portion of the personal debt of any of its customers.
Mr Boucher said the new insolvency bill which is due to go through the Dail this week to tackle fast-growing arrears will not prompt the bank to provide debt forgiveness to struggling customers.
"It is not our money," he said.
"It is shareholders' and depositors' money.
"For the other government-owned banks, it is taxpayers' money – so it is a transfer of money from one group of taxpayers to another. Our first role is to responsibly maximise the amount of money we can recover."
This is in stark contrast to AIB and its subsidiary EBS. They have said publicly they are willing to look at forgiving some of the mortgage debt of those who can no longer meet the repayments.
Mr Boucher has also said the bank is "frustrated" by the government's decision to extend the bank guarantee into 2013, claiming the scheme is depleting the bank's capital.
The bank has said that the move will now cost the bank hundreds of millions of euro in additional fees.
Mr Boucher said they were preparing to come off the Eligible Liabilities Guarantee when they were told it would be extended.
Frustrating
"Bank of Ireland is ready to come off the guarantee and we were prepared for coming off on December 31," he said.
"The delay in timing is frustrating for the bank and is something we are keeping a very close eye on and we are having dialogue with the authorities on."
The guarantee was introduced in December 2009 to protect all deposits of over €100,000. However, the banks must pay interest fees for the guarantee.
BoI paid €449m in 2011 for the guarantee and is lobbying for its withdrawal. However, last week the European Commission approved a request for its extension until the end of June 2013.
In an interview with the 'Financial Times', Mr Boucher said the guarantee was brought in on a "systemic basis" and the bank required permission to come off the scheme.
"It is expensive and we don't believe it adds a lot," he said.
BoI is the only Irish bank to escape state control following the banking crisis.
The State currently has a 15pc stake in it. It is attempting to rebuild its business and just last month it successfully raised €1bn on the bond market in its first bond deal for two years. In an even more crucial move, BoI raised €250m by selling subordinated bonds to investors.
Mr Boucher characterised his bank's relationship with the Government as "greater than 80-20 in alignment", but he acknowledged there were "areas of frustration".
He said the bank was making progress despite a tough interest rate environment in Europe.
- Maeve Dineen Business Editor
