Reply #36

http://www.guardian.co.uk/business/2012/apr/24/irish-mortgage-arrears-rising-bank-of-ireland

Bank of Ireland, the only Irish lender to escape nationalisation during the financial crisis, warned that arrears on residential mortgages are still rising, reflecting high unemployment.

The bank stills hopes that impairment charges will fall this year from last year's high levels, but the pace of reduction depends on its Irish residential mortgage book and commercial property markets.

The lender said: "Arrears in our Irish residential mortgage book have continued to increase reflecting the difficult economic environment in Ireland and elevated levels of unemployment. While consumer confidence surveys have shown improvements in the first three months of 2012, domestic economic indicators remain weak, unemployment remains elevated and residential property prices do not appear, as yet, to have fully stabilised." Ireland's unemployment rate was 14.3% in March.

A group of foreign investors bought a stake in the bailed-out bank last summer, saving it from being nationalised, while the state retained a 15% stake.