Though, Bank of Ireland mortgage holders, thousands in numbers, were hoping to get debt forgiveness in some way or the other while awaiting the new personal insolvency laws. A recent report has revealed that the latest ruling by BoI has been a big blow to all those struggling homeowners.

Richie Boucher, the bank's chief executive, last night announced ban of a reduction in any of its customers' portion of the personal debt. The new bill of insolvency is to be out this week through the Dail. The aim is to manage the arrears on fast growth.

It is being said that the new law would not be asking the bank to provide struggling customers with any kind of mercy on debts. Since, the money is of depositors and shareholders and not of the bank. As per the findings, the move is in simple disparity to AIB and EBS, its subsidiary.

They have made it clear that in case any one cannot meet his repayments, they would be forgiving a part of their mortgage debt.

"For the other government-owned banks, it is taxpayers' money- so it is a transfer of money. Our first role is to responsibly maximize the amount of money we can recover", sources quoted Mr. Boucher as affirming.