Bank of Ireland says it will use its veto against a Personal Insolvency Arrangement if a debt write-down is suggested. The Bank Group CEO Richie Boucher told the Oireachtas Finance Committee the bank policy and practice is to never write-off debt.

Figures just in from the Department of Finance show that at the end of February, there were 78,000 residential mortgages in arrears for more than 90 days.

Just last week the Insolvency Service of Ireland admitted it had secured just four mortgage write-downs in its first seven months.

And Mr. Boucher told the Sinn Fein Finance Spokesman Pearse Doherty that the bank would veto any suggestion by a Personal Insolvency Practitioner to write down-debt.

The Committee is hearing from senior officials from four of the countries main banks, to examine how they are dealing with homeowners struggling to meet their mortgage repayments.

Yesterday, the Chief Executive of Permanent TSB, Jeremy Masding, said the bank is well ahead of the Central Bank targets for dealing with customers in mortgage distress, and would not be chasing 'all the debt' it is owed.

While the Ulster Bank CEO Jim Brown told the Committee they have helped 2,500 people move out of arrears with a number of restructuring measures.

The CEO of AIB is also due before the same Committee later this week.