Sir, – Following Enda Kenny’s claim that repossessions will be a “last resort”, the Government will be very anxious to ensure that repossessions do not happen.
If the current level of mortgage arrears results in actual losses, then we will be back recapitalising the so-called “over-capitalised” institutions, on at least one more occasion.
The total negative equity realised in such a scenario will break the delicate financial construction, which has been created by the State. – Yours, etc,
GEOFF WALES,
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Glenabo Heights,
Fermoy,
Co Cork.