Daniel McConnell: More must be done to tackle mortgage debts
Honohan and Elderfield's intervention was a step in the right direction to deal with this crisis, writes Daniel McConnell
'Debt is the Irish crisis -- sovereign debt, banking debt and personal debt," Finance Minister Michael Noonan famously said earlier this year. How true that statement was. 6,685 -- that is the number of people who fell into arrears of more than 90 days on their mortgages in the first three months of 2012.
That is 6,685 couples, families in Dublin, in Cork, in Galway and every town, village and parish across Ireland who have simply run out of money to pay the monthly amount to keep the roof over their heads, and now face the real risk of losing their homes.
Alan Shatter's staunch criticisms of the bank's behaviour yesterday echo the strong public resentment over their lack of action in tackling the personal insolvency crisis to date, the latest Sunday Independent Millward Brown Lansdowne nationwide poll. When asked, an overwhelming majority of people, 86 per cent, said they felt the banks are not doing enough to help homeowners in negative equity or those in arrears