Fianna Fail is calling for restructuring options to tackle the mortgage arrears problem in Ireland.

Spokesperson on Finance Michael McGrath TD made the comments following the publication of the Central Bank's mortgage arrears statistics.

He said: "The number of household mortgages in arrears over 720 days still remains stubbornly high at over 33,000 and for the second quarter in a row, the percentage of restructured mortgages re-defaulting has increased from 12.1% in mid-2016 to 13.1% by the end of the year.

-- Advertisement --

"Perhaps the most alarming aspect of these results is the number of mortgages owned by so-called 'vulture funds'. In excess of 12,000 family home mortgages, with a total value of €2.4 billion, are now owned and managed by unregulated 'vulture funds' with over half of these in arrears by more than 90 days. The Government must act urgently to treat these funds like any other lender and bring them fully within the ambit of regulation.

"Arrears Capitalisation, which results in mortgage holders paying more over the life of the loan, represents the highest proportion of restructurings. There is still a lack of sustainable options being made available to mortgage holders in arrears."

(CD/LM)