Judge says banks must share the debt burden of individuals

[temene]

A district court judge in Galway said that banks must take responsibility for loaning out money during the boom.
galwaynews.ie/26530-judge-sa … ebt-burden

Judge Geoffrey Browne has told banks and credit unions they were foolish enough to lend people money in the boom time and they now had to take the consequences for their actions.
In one case a debtor that owned a bank more than €4,000 was asked how much he could pay back. He replied that he could afford €10 per week.
The Judge then ordered that the debtor pay €40 per month to which a solicitor representing the bank stated that this could take nearly 10 years to discharge. Judge Browne replied: “I don’t care if it takes 20 years. They should not have been so free about giving out money in the first place”
“But as far as I am concerned the banks and credit unions have plenty of money and they can protect themselves. The bottom line is that if they were foolish enough to give money out to people when times were good, then they must face the consequences of their inability to pay this loan back”

[doubleglaze]

I hope that people with vested interests won’t deliberately misconstrue a statement made by a judge in a particular context about a particular individual’s circumstance and start suggesting that a JUDGE is in favour of all bubble time borrowers ditching responsability for their loans.

[doubleglaze]

Erased

[evilal]

Ah come on douleglaze, that was a good post, bring it back (preferably with references)!

[doubleglaze]

@evilal

Ah come on douleglaze, that was a good post, bring it back (preferably with references)!

I shall keep it in close reserve, and if I hear of any call for debt forgiveness from the same quarters, shall resurrect it prompto!

In this instance, however, there was no call for debt forgiveness. The man has to pay his debts over 10 years.

I think the news headline took a statement out of a particular context and I fear it will be misleading to the easily misled.

[Ozzy]

But as far as I am concerned the banks and credit unions have plenty of money and they can protect themselves.

On what particular planet have Irish banks got plenty of money? Ah of course, he means plenty of my (our) future earnings borrowed at an exhorbitant rate from our German overlords, sorry of course I meant European Partners.

I’m so glad we kept this smiley.

[ray]

I don’t think that the headline is representative of the story. Unless there is a missing part of the story, the judge has ordered the defendant to repay the debt according to his means. I don’t see the part where he is sharing the debt with the bank/credit union. Dipshit headline writer.

[ray]

@Barney Gumble

@ray

I don’t think that the headline is representative of the story. Unless there is a missing part of the story, the judge has ordered the defendant to repay the debt according to his means. I don’t see the part where he is sharing the debt with the bank/credit union. Dipshit headline writer.

On the other hand, a fair whack of his debt will be inflated away by the time he finishes paying it off.

Do you think that the headline writer is thinking of that
Maybe I am doing him a disservice!

[jabaar]

galwaynews.ie/14060-judge-pl … defaulters
Same Judge, same week, just 2 years difference, asking people not to bury their heads in the sand when it comes to debt.

Same judge gave a lad 76 years of payments at E10 a week back in January 2011
galwaynews.ie/17274-judge-ma … acing-debt

Seems like he would nto be a favorite wiht tbank solicitors.

Not sure is any relation to Geoffrey Brown Solocitors, galway?