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Central Bank sets arrears fix deadline

Thursday, December 05 14:12:18

The Central Bank today said it is giving the banks until the end of June of next year to have offered solutions to 75pc of customers in arrears for 90 days or more on home loans and to have concluded solutions for 35pc of them.

Last month, the regulator published the outcome of the Mortgage Arrears Resolution Targets for Quarter 2 and Quarter 3 of 2013 for banks offering sustainable long-term solutions for mortgage arrears customers.

At the end of September there were 768,136 private residential mortgage accounts on principal homes worth E108.5 billion. The number of residential mortgage accounts in arrears dropped from 142,892 - or 18.5pc of the total stock - to 141,520 during the quarter to the end of September, a fall of just 0.1pc while the outstanding balance on arrears fell by 0.5pc.

The number of accounts in arrears of more than 90 days stood at 99,189, up 1,315 on the previous quarter however the Central Bank said this increase was driven entirely by accounts in arrears over 720 days with all other categories declining.

The number of mortgages in arrears of less than 90 days fell by 6pc during the third quarter, compared to a decrease of 3.3pc on the previous three months. All told 80,555 mortgage accounts on principal residences were classified as restructured at the end of September, reflecting a quarter-on-quarter increase of 1.5pc. Of these restructured accounts, 78.9pc were meeting the terms of their restructured loan arrangements with some 1,154 split mortgages arranged.