Ulster Bank have said that it is to begin the process of repossessing up to 1,000 homes a year.

The warning comes as the bank awaits the passing of legislation which will close a loophole in the law that prevents lenders from recovering their losses in relation to home loans.

Ulster Bank's chief executive, Jim Brown, has told the Sunday Business Post that they plan to keep as many people in their homes as possible, but want to differentiate from borrowers who cannot pay as opposed to those who won't pay.

John Ihle of the Sunday Business Post says there are strict regulations in place to control how banks chase customers for money: