IMF delivers tough assessment of Irish economy
Looks like a green light to start repossession of people’s homes. In fact, listening to RTE’s Drivetime on Tuesday the host and guest were already taking about repossession and “acceptable rates of repossessions.” So, repossessions in the 26 county state and attacking housing benefits of the working poor in Ulster:
In its latest review of Ireland’s bailout programme, the fund also raises concerns that banks are losing money even before putting cash aside to cover bad loans.
The IMF states that lenders are “only beginning to tackle non-performing loans”.
It says repossessions are low at 0.3% of total mortgage arrears in 2012, compared to 3.25% in Britain and the United States.
The IMF suggested a need to strengthen the efficiency of the repossession regime.