It is up to the banks to finally deliver solutions
Central Bank Governor Patrick Honohan said recently that large numbers of households in mortgage arrears are not insolvent. A person or company is insolvent if they cannot meet their debts. But Prof Honohan insisted that significant numbers of soured mortgages may be able to come "back on track".
He based this on internal research carried out by the Central Bank.
What he seemed to be suggesting is that large numbers of those in mortgage distress would be able to again service their home loans if they radically adjusted their spending, or got a decent proposal to reduce their repayments from their bank.