Interesting comments from potential investor in EBS. Its hard to know it this will happen. Why is he saying this?
From RTE.IE
A consortium which has submitted a bid for EBS Building Society has raised the possibility that the lender could cut the amount people owe on their mortgages.
One of the potential investors, Wilbur Ross, gave an interview to CNBC television today. Mr Ross is a veteran US investor and an industry leader in bankruptcies in the banking sector.
He told CNBC television today that he had joined a consortium which was bidding for EBS. The other members of the consortium are Dublin-based Cardinal Capital and the international Carlyle Group.
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They have pledged to put €550m into EBS in return for a 70% stake. This would leave the Government with the remaining 30%.
In today's interview Mr Ross said that lenders would have to cut the principal amount people owed on their mortgages. He added that people in Ireland, unlike some states in the US, remained on the hook for their borrowings even if a bank had repossessed a home
From RTE.IE
A consortium which has submitted a bid for EBS Building Society has raised the possibility that the lender could cut the amount people owe on their mortgages.
One of the potential investors, Wilbur Ross, gave an interview to CNBC television today. Mr Ross is a veteran US investor and an industry leader in bankruptcies in the banking sector.
He told CNBC television today that he had joined a consortium which was bidding for EBS. The other members of the consortium are Dublin-based Cardinal Capital and the international Carlyle Group.
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They have pledged to put €550m into EBS in return for a 70% stake. This would leave the Government with the remaining 30%.
In today's interview Mr Ross said that lenders would have to cut the principal amount people owed on their mortgages. He added that people in Ireland, unlike some states in the US, remained on the hook for their borrowings even if a bank had repossessed a home