KBC rules out debt writedowns

John Reynolds of KBC Bank Ireland

The chief executive of KBC Bank John Reynolds has said that the bank is not writing off debt for their most hard-pressed customers.

Yesterday, the Governor of the Central Bank Patrick Honohan said permanent debt relief is needed for some people.

He also said that the practice should not be widespread, however.

When asked if his bank is writing off debt for their most distressed customers, he said: “No.

“First of all, we believe that most customers, the vast majority of customers, want to get back to some form of sustainability.

“Secondly, from our perspective as a bank, our two focuses are, on the one hand to look after customers to the very best extent we can, and from the other perspective is to maximise the recoverability.”

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