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Tuesday 12 December 2017

Some 58,000 mortgage accounts remain in arrears at six main banks

Mortgage holders in arrears Photo: Rui Vieira/PA Wire
Mortgage holders in arrears Photo: Rui Vieira/PA Wire
Charlie Weston

Charlie Weston

BANKS continue to deal with mortgage arrears at a slow pace, new figures show.

The number of residential mortgage arrears cases that have been restructured fell by just 451 in March, figures released this afternoon by the Department of Finance show.

The stubbornly high level of arrears is one of the factors that has prompted the Government to weaken the veto banks have over formal debt deals that are part of the Insolvency Service.

There were 58,000 mortgage accounts that are three months or more in arrears at the six domestic lenders.

But more than 41,000 of these have yet to be restructured.

This means seven out of ten troubled mortgages have yet to be sorted out by AIB, Bank of Ireland, Permanent TSB, ACC, KBC Bank and Ulster Bank.

The Department of Finance said the number of accounts that are three months or more in arrears fell in March by 1,133.

Overall, the total in some form of arrears was 84,247 in March at the six main banks, down 470 in the month.

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