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IBRC borrowers told to keep paying

Thursday, February 14 14:13:23

The Special Liquidators to Irish Bank Resolution Corporation (IBRC) today said that all borrowers are being contacted in writing to tell them that what they owed to IBRC they still owe and need to keep paying.

"The contractual terms and conditions of customer mortgages and other borrowings do not change as a result of the appointment of the Special Liquidators and all debts owing to Irish Bank Resolution Corporation Limited (in Special Liquidation) will remain due and enforceable," a spokesman said.

"It is important that customers of Irish Bank Resolution Corporation Limited (in Special Liquidation) continue to make payments on their loans and otherwise honour the contractual obligations of their borrowings."

With regards those residential mortgage customers whose direct debit payments were not processed last week, the spokesman for the Special Liquidators said: "Borrowers do not need to take any pro-active action at this point. The Special Liquidators are in the process of arranging new accounts to receive repayments on borrowings and mortgages, and the details of these accounts will be communicated to customers next week, together with guidance surrounding any changes they should make to their repayments and direct debit instructions."

He said: "Borrowers are being informed that outstanding payments will be processed through these new accounts in due course at no additional cost, penalty or expense. Also, customer credit ratings will not be impacted as a result of this temporary disruption to normal processing of payments."