No detail from AIB on permanent loan modifications

Wednesday 23 January 2013 15.05
AIB's Jim O'Keeffe says 33,000 customers have been given "forbearance"
AIB's Jim O'Keeffe says 33,000 customers have been given "forbearance"

The head of Mortgages at AIB has said that while some of its mortgage customers have had their loans permanently modified, he refused to give details of how many such modifications there have been to date.

Speaking on RTÉ's News at One, Jim O'Keeffe said that the bank has given 33,000 customers forbearance, and in 70% of those cases those loans are now performing.

However when asked how many customers had achieved "permanent loan modifications", Mr O'Keeffe said that he did not intend to go into those figures today.

"We have a number of different solutions and I don't intend going into those numbers today... As we begin to see our results coming in over the next couple of months we will absolutely share those results with you and with the public at large because we're absolutely to being transparent around this," Mr O'Keeffe added.

In relation to plans by AIB to lend at least €2 billion this year in mortgages, Mr O'Keeffe said the bank surpassed last year's mortgage lending target by half a billion, and he is confident they will achieve targets set for this year.

"I think we all know at this point that comparing ourselves to the peak of the market in the mortgage business is not the appropriate benchmark to look at,'' he said.

Earlier today AIB said it doubled its mortgage lending target for 2013. The bank aims to increase the amount it lends in mortgages from €1 billion in 2012 to at least €2 billion this year.

Keywords: aib, mortgages