Oireachtas Joint and Select Committees
Thursday, 2 March 2023
Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach
Debt Write-down and Debt Resolution Policies: Allied Irish Banks
Mr. Jim O'Keeffe:
I might just walk us through what happens. Typically, these borrowers can sustain a tiny or no level of debt. Assuming the house is appropriate for mortgage-to-rent, this allows them to stay in the house, albeit as a rented property, and nobody in their community needs to know what has happened for them. It is a way of them preserving dignity where there is no other sustainable outcome.
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