Irish

Thursday 10 July 2014

Central Bank tightens mortgage arrears targets for banks

Ailish O'Hora

Published 05/12/2013|13:58

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The Central Bank on Dame Street, the Occupy Dame Street encampment were removed by Gardai last night. Picture credit; Damien Eagers 8/3/12
The Central Bank on Dame Street

THE Central Bank has tightened its mortgage arrears targets for the banks and extended the target period until June 2014.

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In line with the EU/IMF/ECB bailout programme, the Central Bank has now set its expectations for the banks for end-June 2014 and requires sustainable solutions offered to customers to reach 75pc of over 90-day arrears and for concluded solutions to reach 35pc by that date.

Prior top this the target for long-term solutions for mortgage arrears customers was 70pc and concluded solutions of 25pc.

Just under 100,000 Irish mortgage accounts are more than 90 days behind in repayments, according to the latest available figures.

The new targets apply to Bank of Ireland, AIB, Permanent TSB, Ulster Bank, ACC Bank and KBC.

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