The Committee on Finance, Public Expenditure and Reform will conclude its hearings on mortgage arrears today, Wednesday, 30 April, when it meets with Lorcan O'Connor, Director of the Insolvency Service of Ireland, and Central Bank of Ireland Governor Patrick Honohan.

Committee Chairman Ciaran Lynch said: "Today, we will conclude our series of hearings on mortgage arrears and the resolution process to deal with the issue of arrears by providing long-term solutions. We are looking forward to meeting with Lorcan O’Connor of the Insolvency Service of Ireland. The mission of the ISI is to help restore people who are insolvent to solvency in a fair, transparent and equitable way. The Committee will also hear from Central Bank Governor Patrick Honohan on the issue.

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"According to the latest figures released by the Central Bank, the numbers of homeowners in mortgage arrears of over three months has fallen for the first time in almost five years. However, those figures mask a very worrying trend in long term arrears whereby those behind in repayments by more than two years has risen. Behind these statistics are real people struggling to make ends meet and it is important we find sustainable, long-term solutions for these people. Tomorrow we will have an opportunity to examine the extent of the problem with the Central Bank Governor, as well as a chance to consider the work of the ISI in helping to address the issue of mortgage arrears."

(CD/IT)