Friday, August 23 11:00:16
There were 97,874 (12.7pc) private residential mortgage accounts for homes in arrears of over 90 days at end-June 2013, up from 95,554 accounts (12.3pc) at end-March 2013, latest Central Bank figures show.
The number of PDH (principle dwelling houses) accounts in longer-term arrears over 180 days increased by 3.8pc during Q2 2013, while quarter-on-quarter growth in the number of accounts in arrears over 720 days was 11.3pc.
On a slightly more positive note, the Central Bank figures show that the number of PDH accounts in early arrears declined further during the second quarter of the year. The figures show that 45,018 PDH accounts were in arrears of less than 90 days at end-June, reflecting a quarter-on-quarter decline of 3.3pc.
There was a total stock of 79,357 PDH mortgage accounts classified as restructured at end-June. Of these restructured accounts, 76.5pc of these were deemed to be meeting the terms of their current restructure arrangement.
There were 30,326 (20.4pc) residential mortgage accounts for buy-to-let (BTL) properties in arrears of over 90 days at end-June 2013, up from 29,369 (19.7pc) at end-March 2013.
The outstanding balance on PDH mortgage accounts in arrears of more than 90 days was E18.6 billion at end-June, equivalent to 17pc of the total outstanding balance on all PDH mortgage accounts.
A total stock of 79,357 PDH mortgage accounts were categorised as restructured at end-June 2013. This reflects a decrease of 0.4pc from the stock of restructured accounts reported at end-March 2013. Of the total stock of restructured accounts recorded at end-June, 53.3pc were not in arrears.
A total of 23,554 new restructure arrangements were agreed during the second quarter of the year. Interest only arrangements and reduced payment arrangements (interest plus some capital) continue to account for the majority of all restructures in place, although their share fell to 49.7pc of total restructures at end-June, compared to 55pc at end-March.
During the second quarter of 2013, legal proceedings were issued to enforce the debt/security on a PDH mortgage in 270 cases. Court proceedings concluded in 637 cases during the quarter, and in 350 of these cases the Courts granted an order for repossession or sale of the property. There were 911 properties in the banks' possession at the beginning of the quarter. A total of 223 properties were taken into possession by lenders during the quarter, of which 63 were repossessed on foot of a Court Order, while the remaining 160 were voluntarily surrendered or abandoned. During the quarter 133 properties were disposed of. As a result, lenders were in possession of 1,001 PDH properties at end-June 2013.