Ciarán Lynch (Cork South Central, Labour) | Oireachtas source

Another issue relates to a question put to Mr. Boucher by Deputy Donnelly. Yesterday afternoon, AIB was asked the number of mortgages with a shortfall that it has allowed to be surrendered voluntarily and its policy on shortfalls. We seem to have received a very vague response from Bank of Ireland on the matter. The AIB officials advised us yesterday afternoon that 140 properties were surrendered with a mortgage shortfall. The response of Bank of Ireland to date has been that it has a responsibility to maximise the recovery of all moneys owed by customers and that it has a comprehensive arrangement and process to work with customers to find solutions that can work for them and the bank in this regard. Bank of Ireland states that, as a last resort, it may have to instigate a formal legal process. That is not answering the question; rather, it is symptomatic of some of the replies we received this morning. It indicates the bank is not really engaging with the process in a serious manner. It also means it is not engaging with this committee in a serious manner, which is of equal concern to me. What is Bank of Ireland's position on the issue of voluntary surrenders where there are mortgage shortfalls? What is the bank doing in this regard?