Cabinet seeks to reassure people in arrears
THE Government continues to try to play down fears of vast numbers of homeowners in mortgage distress facing repossessions.
The Coalition is going to roll out its plan for the banks to deal with mortgage arrears later this week and will seek to reassure homeowners in difficulty that help is available.
The plan will contain a series of set targets for the banks to deal with a fixed number of mortgages in arrears every three months.
Taoiseach Enda Kenny will also revamp the Cabinet committee on banks, bringing in Justice Minister Alan Shatter, Social Protection Minister Joan Burton and Jobs Minister Richard Bruton.
The purpose is to put greater focus on the issues of mortgages and lending to businesses.
In the wake of Department of Finance secretary general John Moran's harsh warning, a series of ministers came out to say repossessions would be a last resort.
As revealed in the Irish Independent, Cabinet ministers were angered by Mr Moran speaking of an "unnaturally low level of repossessions".