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Tuesday 24 April 2018

Mortgage arrears: Review of bank targets in bid to drive down numbers

Enda Kenny
Enda Kenny
Ailish O'Hora

Ailish O'Hora

THE Government is to carry out a review on targets set for banks to deal with mortgage arrears.

The decision is being driven by the Taoiseach's department in a bid to reduce the number of people in trouble with loans.

While the numbers of people in arrears for 90 days or less has been falling, the figures for people two years or more in arrears have remained stubbornly high despite a slight improvement in the economy.

Out of the 760,000 home mortgages (excluding buy-to-let investor mortgages) 37,500 of them have been in arrears for over two years.

Their mortgages are higher than the average (€214,000 as against €138,000) and on average they are €48,700 in arrears.

Last week, Taoiseach Enda Kenny met Insolvency Service of Ireland to discuss the issue.

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