Irish plan for distressed borrowers attracts criticism

The Irish League of Credit Unions (ILCU) has accused the central bank of protecting banks' interests with its proposals aimed at keeping distressed borrowers solvent.

Last week, the central bank unveiled a framework designed to improve the co-operation between lenders of secured and unsecured debt and, in doing so, ease the pressure on borrowers with distressed debt across multiple lenders.

Its central feature is a "restructuring waterfall", which "sets out the sequence and type of modifications

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