Fianna Fail has slammed the government after it has confirmed that 57% of the family home sub-prime mortgage book is in arrears of 90 days or more.

The party's spokesperson on Finance Michael McGrath said he was "appalled" by the state of the sub-prime mortgage book, and accused the government of showing a "scant regard" for the 18,000 sub-prime mortgage holders.

-- Advertisement --

Deputy McGrath said many people are now in real danger of losing their homes and no indication os solutions is being offered.

He said: "It is inexplicable that the government continues to exempt the sub-prime mortgage sector from the Mortgage Arrears Targets Programme. Sub-prime mortgages are among those most in need of permanent restructuring and the Minister should move immediately to apply rigorous restructuring targets on sub-prime lenders. In particular, the Minister should put the spotlight on the interest rates being charged which are often exorbitant in the case of sub-prime mortgages."

(CD/IT)