Bloomberg News

Irish Mortgage Holders Need Lenders’ Backing for Debt Relief

January 26, 2012

Jan. 25 (Bloomberg) -- Irish home owners seeking to get mortgages at least partially written off need the agreement of their lenders, under new government proposals.

Any agreement will need the support of at least 75 percent of creditors who have security on their loans, Irish Justice Minister Alan Shatter in Dublin said today. Borrowers may be able to obtain debt relief, including a possible write-off, of as much 3 million euros where creditors and the debtor agree.

The government proposed also cutting the term of automatic discharge from bankruptcy to three years from 12 years, as part of an overhaul of insolvency laws.

To contact the reporter on this story: Finbarr Flynn in Dublin at fflynn3@bloomberg.net

To contact the editor responsible for this story: Dara Doyle at ddoyle1@bloomberg.net


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