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C Bank say mortgage arrears progress

Tuesday, August 05 12:33:10

Banks are making progress in resolving the problem of mortgage arrears, new figures from the Central Bank suggest.

The stock of permanently modified defaulted loans making full repayments on their modified mortgage amount increased to 55pc by the end of 2013.

The figure stood at 28pc in 2011.

The stock of permanently modified loans is now growing faster than the stock of loans in default.

The Central Bank says the outcome could be down to better loan modification strategies or the improving economic backdrop.

While welcoming the positive trend, it cautions that further work is needed to address the large number of loans which have not been modified.

Over 25,000 fell into that category at the end of 2013.

It also points out that 11pc of permanently modified defaulted loans consistently make no repayment after modification.

Nearly 30pc are making partial payments.

For more visit: www.businessworld.ie