Former Ulster Bank head says 100 per cent mortgages were bad.
Global Banking News-May 8, 2015--Former Ulster Bank head says 100 per cent mortgages were bad
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Global Banking News - 08 May 2015
According to a former head of Ulster Bank, who faced the committee for banking inquiry in Ireland, 100 percent mortgages were detrimental to the mortgage industry.
Former chief executive of Ulster Bank, Cormac McCarthy, told the Irish Banking Inquiry that promoting 100 percent mortgages was a 'detrimental initiative.' He however denied that his bank was the first to offer such a product in Ireland.
After launching the product in 2005, the bank lent EUR1bn of 100 percent mortgages over the next three years to 4,000 customers.
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