Pearse Doherty (Donegal South West, Sinn Fein) | Oireachtas source

Six months ago 326 individuals surrendered their family homes to AIB. Assisted voluntary sale is a great phrase but when one talks to people they are scared stiff because they know the only option is for the bank to take them to the High Court. Rather than appear before a judge and have the bank take their house, they go into the assisted voluntary sale in the hope that they will get a bit more. Many tell me it is not voluntary.

The number is now 15,073. There has been a huge ramping up of pressure on people to give up their family homes. I welcome the fact that the bank deals with the residual debt at that point. That is very important but it is a massive increase in people surrendering their family homes. The bank puts pressure on individuals who I presume are engaging, although it calls it voluntary. Repossession and eviction have a negative connotation but some of the ways in which the bank has managed assisted voluntary sale are no different from repossession. For many people it is a matter of saving face, that they do not appear before a judge and jury and be told they must surrender their house to the bank.