The chief executive of Permanent TSB, Jeremy Masding, does not approve of measures currently being taken to help out those struggling with crisis mortgages.
It would be grossly unfair to adopt a more lax attitude to debt forgiveness in respect of customers currently in arrears, for example, and deny that same facility to customers who have worked hard to avoid arrears to date or who may ultimately fall into arrears in the future.
As it would, we presume, be grossly unfair to adopt a more lax attitude to banks that went billions into arrears and are now being bailed out by those very same struggling mortgage holders.
Masding goes on:
Should banks now adopt exception/unusual rules in respect of any of these matters, this would have a material impact on customer repayment behaviour and the calculations underlying the stress tests would have to be completed recalculated.
Clearly this individual is worried that if the same exceptional/unusual rules that were extended to the incompetent greedy bankers were extended to struggling mortgages holders that they too would respond in a similarly arrogant and irresponsible manner.
Copy to:
Mr. Masding
the oppertunity for a change in attitude and culture within irish banking has been utterly lost(if there ever was such a possibility).
reform is Not possible in a state where any corrupt structure
can flourish without the remotest possibilty of censure
for breechs of regulation,
sharp practice is the norm and the reward for incompitance is a six figure salary.
insolvent banks have been given a goverment funded safe harbor while their customers flounder, drowning in debt without end.
these same banks will do nothing to assist anyone until that safety
is threatened by the prospect of massive mortgage default
by that time it will be to late, whatever property price recovery that might have occured will just wither away.
we are looking at a decade or more of negative equity
for some (most?) households.
grossly unfair? to the citizens most definately.
I read this with a smile on my face. Yes, ironically; the same banks saying that we can’t get “special” treatment are themselves getting special treatment in return.
How anyone can accept the behaviour of these banks escapes me completely. This .. man .. should be in jail on a strict diet of crackers and water for his actions.
OH, and while I’m thinking about it… care to tell us why those individuals are struggling to pay their mortgages Mr Masding? Could it be because we’re busy bailing you and your Known Associates out of the mess you created?