Construction News

14/08/2015

Drop In Number Of Households In Long Term Mortgage Arrears

There has been a drop in the number of households in long term mortgage arrears, according to figures released by the Department of Finance.

The number of mortgages in arrears for greater than two years decreased by 116.

Fine Gael TD for Kildare South, Martin Heydon welcomed the news.

Mr Heydon said: "June's data also shows that the total mortgage accounts classified as permanently restructured increased by 979, meaning that the total restructured accounts have increased by 22%, standing at 110,116. Again this shows that the initiatives introduced by this Government are now being utilised.

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"The number of residential mortgages in arrears continues to fall after a number of key Government initiatives:

• In December 2012 the Personal Insolvency Bill was signed into law, introducing new debt settlement arrangements

• In March 2013 the Central Bank introduced mortgage arrears targets for the main banks

• In April 2013 the Insolvency Service of Ireland launched a public information campaign."

(CD)

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