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Dublin: 8 °C Friday 25 April, 2014

Target set by Central Bank that 75% of mortgage arrears will be dealt with by June

The banks have been told by the Central Bank that sustainable solutions should be offered to customers.

THE CENTRAL BANK stated today that it has set the banks a target that “sustainable solutions” will be offered to 75 per cent of customers who are over 90-days in arrears by June of next year.

They added that concluded solutions should reach 35 per cent by that date also.

Sustainable solutions

The latest data for the third quarter of 2013, published in November shows that owners of 141,520 principal dwelling houses (PDH) had fallen behind in their home loan payments.

That is a decrease of 1,372 properties and a 0.5 per cent decline on the outstanding balance on all main-home mortgages.

The number of accounts in arrears for more than 90 days at the end of September had risen to 99,189. The increase of 1,315 was driven entirely by accounts that are behind by over 720 days. All other maturity categories declined.

The decrease is the first reported since the Central Bank began taking records in September 2009.

Read: Number of mortgage accounts in arrears FELL last quarter>

Read: Banks exceeding arrears targets, but some customers have “no clarity”>

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