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Ireland's New Personal Insolvency Regime Keeps Mortgage Risk To The Fore Jul 12 Product Image

Ireland's New Personal Insolvency Regime Keeps Mortgage Risk To The Fore Jul 12

  • Published: July 2012
  • Standard & Poors

FEATURED COMPANIES

  • Allied Irish Banks PLC
  • Bank of Ireland
  • Permanent TSB PLC
  • MORE

Abstract
Significant levels of personal debt in Ireland, an ongoing recession, and a banking system in crisis have resulted in serious financial problems for a large part of the population. On June 29, 2012, the Irish government revealed long-awaited details of the new personal insolvency legislation, a condition of the country's bail-out package from the EU/IMF in late 2010. We consider this development to be a necessary step forward in tackling the growing mortgage debt crisis in Ireland. However, the government also needs to resolve the current impasse on new repossession orders if Ireland is to have a body of laws and regulation that work effectively for both borrowers and lenders. Under the proposals, borrowers who are struggling to pay their...

Companies mentioned in this report are:
- Bank of Ireland
- Allied Irish Banks PLC
- Permanent TSB PLC

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors READ MORE >

- Bank of Ireland
- Allied Irish Banks PLC
- Permanent TSB PLC

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