The first paragraph of yesterday’s front-page story (Mortgage holiday to clear debts may be offered to borrowers), which reported on discussions about the Government’s proposed personal insolvency legislation between the banks and the EU/IMF/EC troika, stated that the banks had been asked by the troika to consider one of the Government’s proposals which was to allow householders temporarily stop paying their mortgages in order to pay down their other personal debts.
The EU and IMF have asked us to clarify that they did not ask the banks to consider this proposal. As the second paragraph made clear the troika has asked the banks about the impact of this and other reforms to the bankruptcy legislation proposed by the Government.
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