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banking on it

Nearly 80,000 families in mortgage arrears but figure is declining

Sinn Féin has called on the Government to release a Central Bank report on how to handle arrears.

NEARLY 80,000 mortgages are in arrears as Sinn Féin demands that Finance Minister Michael Noonan releases the Central Bank report on how to deal with the crisis.

Last month, Noonan received the report which detailed what changes must be made to ensure more families do not have their homes repossessed.

Latest figures from the Central Bank show how 79,562 mortgages on family homes are currently in arrears.

At end-September 2016, there were 738,506 private residential mortgage accounts valued at €99.9 billion. Of these, 79,562 accounts were in arrears, representing a fall of 2,529  over the quarter. Over 56,000 accounts were in arrears of more than 90 days.

Report

Sinn Féin’s finance spokesman Pearse Doherty said Noonan must release the report as soon as possible.

He said: “This report from the Central Bank to the Minister could be a crucial step in creating a new environment where banks and vulture funds being allowed deal with the arrears crisis on their own terms is ended.

“On the day the Central Bank publish figures telling us that 11% of mortgages on family homes were in arrears at end of September and that during the last quarter 1,210 legal cases were taken against the family hom, I am calling on the Minister to publish the report immediately.”

Doherty added that there is “no justifiable reason” why the report has not been released as of yet.

Read: “We’re very worried” – Resident feels he’s being forced out of home by 28% rent increase >

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