Are banks part of the solution, or are they part of the problem?
Very often when recapitalisation is clearly the best option for both bank and homeowner, Irish banks are too often creating needless impediments to enable a recapitalisation structure to be put in place. It is regrettable that the Supreme Court has held that the Mortgage Arrears Resolution Process (MARPS) is not enforceable in, or by the courts. It remains to be seen how long the courts will adopt a tolerant view of banks who create impediments to recapitalisation proposals.
Here in Dundalk we have already seen cases argued on that point. Thus far, some banks do not seem to be engaging in a realistic way with customers who are doing their level best to pay their mortgages and stay in their homes.