Irish banks that sell repossessed properties at a loss can pursue homeowners for the difference.

CNN: Ireland picks through debtors' lifestyles

And there's a further problem now: with so many buy-to-let properties being repossessed, one may well end up in the same situation again in a few months' time.

BBC: Have Your Say: Repossession and tenants

This money was invested in joint ventures with the Orana property group - most of the properties in these ventures have been effectively repossessed by Ulster Bank.

BBC: Clients repaid fraction of Belfast investment

Lenders repossessed less homes in 2012, allowing more defaulted borrowers to sell their properties in short sales.

FORBES: Worst Of Foreclosure Crisis Is Over But Problems Remain