Mortgage arrears growing says IL&P

14.05.10

Irish Life and Permanent has said that mortgage arrears are continuing to grow and that demand for loans is still falling.

In an interim management statement it said, however, that early arrears are showing some signs of stabilising.

It also said it had made "very significant progress" in its funding programme and that its businesses were generally performing in line with expectations.

Its investment management business was performing strongly, it said, though demand in its life business was mixed.

IL&P said that it plans to capitalise on changes to the industry which NAMA will bring and on Ireland's exit from recession.

The mortgage lender and life insurer has stayed outside the NAMA scheme.

The group said it was “strongly capitalised” and could meet new regulatory targets.

It has restructured to allow for the eventual spinoff of its banking arm, Permanent TSB, and has stated previously that it was considering raising up to €600m euros in a rights issue to provide Permanent TSB with enough capital to stand on its own feet.

Source: Insideireland.ie

Fast Remortgages - The Mortgage Group

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