Mortgage Arrears Fall For 10th Consecutive Quarter

The latest figures from the Central Bank have revealed that mortgage arrears have decreased for the 10th consecutive quarter.

According to the figures, there has been a 38% drop in arrears, which represents 54,000 plus mortgages, or €9.6 billion of mortgage debt.

Welcoming the figures, Fine Gael TD for Cork South West, Jim Daly, said: "Crucially, the number of mortgages in long term arrears (over two years) has now decreased for the second quarter in a row, with the total down by 4.5%. This figure represents over 1,600 accounts and €300 million of mortgage debt.

"The Government has worked hard to reduce the numbers of people and families in mortgage arrears and I am glad to see this work is continuing to pay off. In December 2012, the Personal Insolvency Bill was signed into law, introducing new debt settlement arrangements. In March 2013 the Central Bank introduced mortgage arrears targets for the main banks. In May 2015, the Government agreed a package of new measures to support mortgage holders who are in arrears and increase the numbers of people availing of those supports.

"Over 120,000 mortgages have been restructured to date, which has made a huge difference to the lives of so many individuals and families. Yet the challenge remains, with over 88,000 mortgages still in arrears. I hope to see the hard work continue so that yet more people can feel the benefits of the recovery economy in their lives.

"I encourage the Central Bank to continue to monitor its targets for the banks and the Insolvency Service of Ireland should also continue engaging with mortgage holders to oversee a continued reduction in long term arrears."

(MH/LM)