Europe

AIB mortgage write-off allows family to keep home

AIB building in Dublin
Image caption AIB remains owned by the Irish government following the 2008 banking crisis

An Irish bank has written off more than one-third of a mortgage debt and allowed a family to stay in its home.

State-owned AIB wrote off 150,000 euros (£125,000), in a deal facilitated by a debt resolution organisation.

It is thought to be the largest debt writedown in the Republic of Ireland of a family home that was not repossessed.

The deal involves a married couple with two children, who bought their house during the property boom but were unable to pay their mortgage.

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