Can, they not leave, the Legend, DJ Carey Alone, a True Humble, Gentleman.

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DJ Carey-type debt write-downs are ‘not our policy’ says BoI Chief

 • Yesterday 07:52


Bank of Ireland will not offer debt write-downs to borrowers in trouble repaying their loans, the bank’s boss confirmed on Tuesday.

Chief executive Myles O’Grady was quizzed on the subject on Tuesday in light of rival AIB’s controversial seven-figure slashing of former Kilkenny hurler DJ Carey’s mortgage debt.

‘I’m aware there has been much commentary over the past number of weeks on debt write-downs,’ Mr O’Grady told RTÉ Radio.

Mark Spain, Group Chief Financial Officer and Myles O’Grady, Group Chief Executive as Bank of Ireland announced Full Year Results for 2022. Pic: Naoise Culhane© Provided by

‘The first thing that I would say, I think what’s important is that any Bank of Ireland customers concerned about debt repayments, they should call us and they should engage early.

‘Debt write-down for Bank of Ireland is not a policy, debt forgiveness is not a policy.

‘We always seek to work with customers who are in difficulty to try and get the best outcome for them in the context of their difficulties, but also ensure the appropriate outcome for the bank.’

Chief executive Myles O’Grady was quizzed on the subject on Tuesday in light of rival AIB’s controversial seven-figure slashing of former Kilkenny hurler DJ Carey’s mortgage debt. Pic: INPHO/James Crombie© Provided by

He added: ‘We work this through on a case-by-case basis.’

Asked about the ‘perception’ that mortgage holders or small borrowers are squeezed but those with very big debts walk, he said: ‘I think it’s certainly not a reflection of the interventions we’ve made to try and help those customers who are experiencing difficulty; we really want to work with those customers.’

And he added: ‘What I can say unreservedly: we treat all customers equally and fairly.’

Bank of Ireland chief executive Myles O’Grady.© Provided by

Announcing underlying profit before tax of €1.2billion on Tuesday, up 15% on last year, Bank of Ireland also revealed it is increasing its dividend significantly to 21c per share from 5c last year.

Dividends were suspended in 2020 and 2021 because of Covid, and the 21c payout is above the 17.5c-per-share figure in 2019.

The Central Bank, in its latest quarterly bulletin, said inflation was starting to fall but was still way above the European Central Bank’s 2% target. It is also predicting unemployment will remain low, averaging 4.4% until 2025.

DJ Carey. Pic: Brendan Moran/Sportsfile© Provided by

The Central Bank’s director of economics and statistics, Robert Kelly, said: ‘The global economic backdrop has performed better than previously expected, and the Irish economy is showing continuing resilience. As the year progresses, amidst a tight labour market, household real incomes are expected to recover gradually.

‘The headline inflationary pressures are easing; however, inflation is expected to remain elevated in 2023 and 2024, albeit at lower rates than previously forecast.’

Meanwhile, a report on supermarket prices published this week revealed food prices were up by a record 16.4% in the past year, adding €1,200 on average to families’ grocery bills.

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