2012-12-13businessweek.com

``Irish banks are under pressure from regulators to find solutions for loans that might never be repaid after receiving 64 billion euros ($83. 6 billion) of bailout funds since the collapse of the country's real estate bubble four years ago. Allied Irish Banks Plc (ALBK), the nation's largest mortgage lender, plans to quicken the pace of restructuring, including the write off of some debt, next year, executives said last month.

"Given the ongoing economic and financial backdrop, it is not surprising that the overall stock of mortgage arrears continues to grow," Felix O'Regan, a spokesman for the Irish Banking Federation, said. "This is likely to continue that way for some months yet." ''


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