Oireachtas Joint and Select Committees

Wednesday, 5 November 2014

Joint Oireachtas Committee on Finance, Public Expenditure and Reform

Overview of Banking Sector: Bank of Ireland

3:25 pm

Mr. Richie Boucher:

I will provide a very specific example in that regard. We are selling a portfolio of approximately 1,000 homes on the market, of which some 800 are received buy-to-let properties. We specifically say in the documentation that where there are existing tenants, they will be protected. It is a case of buyer beware. We are of the view that if a person is a tenant and meeting the terms of the lease, it may be better for him or her to deal with a different landlord who has the financial capability to meet his or her commitments as a landlord. There is some potential in this regard. People who have greater expenses in other markets are coming into ours and stating, "We can provide and meet our commitments." If we appoint a receiver for a buy-to-let property, the tenant's lease will be taken by the receiver. A number of potential buyers are looking at these properties for income purposes. They see the income potential, the consistency of the tenants and the opportunity involved.