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FINANCIAL RESULTS FOR the first six months of 2013 show that more than 15 per cent of Permanent TSB’s owner-occupied mortgage-holders are in arrears.
This has increased since December 2012 when 13.7 per cent of these loans were in arrears for over 90 days.
Results show there has been a drop in the number of buy-to-let mortgage cases in arrears at 18.8 per cent at the end of June 2013 compared to 21 per cent in December 2012. PTSB said that the bank has made long-term agreements with over 4,000 long-term mortgage-holders this year.
Chief Executive Jeremy Masding said the bank is “gaining good traction” with customers who are in arrears and plans to keep working with them.
There was €121 million in new mortgages approved in the first six months of this year and almost 30,000 new current account customers joined.
Pre-tax losses for the bank have fallen from €587 million in the first half of 2012 to €131 million in the first six months of this year. However the bank said today this figure is “flattered” by some one off exceptional items of €318 million.
Impairment charges came to €430 million and the operating loss for the period, after impairments and before exceptional items was €449 million, compared to €457 million for the same period last year.
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Why oh why didn’t I get a tracker.
Worse, the bloody banks here ignoring the ECB cut in rates and actually increasing their rates.
Was that the price of prosperity?
I don’t know what a tracker mortgage is….
*stands up on the bus*
You (like tens of thousands of other Irish mortgage holders) are probably entitled to one Seoirse.
Take 10 mins and look into it.
It might save you a hundred grand or so.
That’s all.
http://www.askaboutmoney.com/showthread.php?t=153377
Banks must help people
Serves them right, about ten years ago PTSB were sending out blank cheque books with a letter stating that you could write a cheque for thousands and just add the amount to your mortgage, idiots!
Ah, you are talking about an equity release mortgage that they did, that you had to apply for AND be approved for, very popular when house prices were high and most people took them out to fund their lifestyles ie, cars, holidays etc, claiming the money was going towards “home improvements”. Or worse still they took them out to clear huge personal borrowings such as credit unions, credit cards, overdrafts, car loans etc. Then some would go back in a Yr or two to borrow more against the equity in their homes to re-clear personal debt again!!!.
I agree the banks (PTSB weren’t the only ones doing this) should have had tighter controls on serial borrowers, but those serial borrowers need to have a good look at themselves and ask now, was it worth it!
Err,,,,,the serial borrowers are more to blame,,,,,they took out loan after loan, knowing they couldnt afford it,,,,,play with fire and you will get burnt
I guess the 15% will increase thanks to the budget due in October.
Free banking won’t last forever in PTSB.
really couldn’t give a shit ! – my mortgage is nearly paid as it was not large by any means. Didn’t want to burden me or my family with debt till I am in my 70′s.. foolish people getting large sums of money from people who were receiving bonuses based on how much they loaned out. My house is nearly paid for, so I can now relax in 3 years time and retire in 14 years after that when I’m 55…lovely !
Terry, some people were indeed foolish with the amount they borrowed. But by and large, people took out mortgages that were perfectly sustainable at the time. Until one or both lost their jobs in the recession. Or took 40% cuts to their salary. Or they separated/divorced, one is refusing to pay their share, and they cannot sell the jointly owned property because of negative equity. UNFORESEEABLE events such as these have blighted the lives of thousands of decent, hard-working up and down the country. Just because your circumstances were different and things have worked in your favour, it doesn’t mean that you’re a genius and they’re all foolish!
Terry, big turds can’t give a sh*t. It’s what they are.
these borrowers still never took the time to look at the bigger picture, as in having put money by for a rainy day
Anyone know how long these banks are going to continue to post losses or is there an arrangement to keep bailing them out.
B.S, spin
Back to basics then !!!
The actual position is an awful lot worse. Many defaulted mortgages are deemed to be compliant so as to diminish the full scale of the problem.
The Irish Banks, with the possible exception of the Bank of Ireland, are living on borrowed time.
Intereating video here
http://m.youtube.com/watch?v=0Q1h9zndupU&desktop_uri=%2Fwatch%3Fv%3D0Q1h9zndupU
I wonder are they getting plagued the way i was cos i was 15 euros in arrears.
have your say