Thursday 8 December 2016

Bad loans still an issue

Published 14/08/2015 | 02:30

Moody's Rating Agency company headquarters in New York City. Photo credit: Emmanuel Dunand/AFP/GettyImages
Moody's Rating Agency company headquarters in New York City. Photo credit: Emmanuel Dunand/AFP/GettyImages

Consumer confidence may have bounced back in Ireland but Moody's is warning the number of bad loans isn't expected to significantly improve because of it.

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The global ratings agency said that in Ireland, economic growth as measured by GDP and improving unemployment from 2009 to 2011 did not lead to declines in mortgage arrears of 90 days and above.

Meanwhile, figures yesterday from the Department of Finance show that there has been a fall of 2,700 in June in the numbers of mortgage holders in arrears.

The Department said that there are now 78,400 mortgage accounts at the six main banks in some form of arrears.

Irish Independent

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