BANK of Ireland has launched a probe into its security systems after highly confidential documents regarding its mortgage book were found on public transport.
They paint a far more detailed picture of the bank’s mortgage book than existing data provides.
Among other things, the figures indicate that both the total size of the bank’s mortgage book and the amount of arrears continued to fall between January and March of 2014, in line with expectations based previous results.
They also reveal that “jumbo” mortgages (those with exposures exceeding €750,000) are far more entrenched in arrears than smaller mortgages, creating a major burden despite only making up a small percentage of mortgages.
The performance of the 11,063 (€1.23bn) mortgages held by bank staff is also detailed - with different trends evident in comparison to its general mortgage book.
The documents also reveal a difference in the legal tactics taken towards buy-to-let mortgages in arrears in comparison to owner occupied properties which have the protection of the Code of Conduct on Mortgage Arrears.