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Minister for Finance says he ‘cannot mandate’ how banks consider mortgages for people on wage subsidy scheme

Paschal Donohoe has said there was little he can do to tell banks – even those in State ownership – about who they should lend to. 

His comments come following reports of mortgage applicants at a number of different banks being unable to draw down their mortgage because at least one of them is in receipt of the wage subsidy scheme. 

The main banks initially denied having a ban on refusing or putting on hold applications from people in receipt of the wage subsidy. But, last week the Irish Times reported an internal document at AIB had said there was, in fact, a hold on such applications.

This blanket ban has since been repealed. However, AIB has said that it may still refuse to allow a mortgage to be drawn down if it finds a customer is unable to meet repayments. 

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