The number of households in mortgage arrears has dropped, according to figures from the Central Bank.

Fine Gael TD for Cork South West, Jim Daly, welcomed the figures and said he is glad to see the work is paying off.

Mr Daly said: "The number of homes in mortgage arrears for more than 90 days fell to a five-year low of 7.4% in the fourth quarter of 2016.

"The number of primary home mortgages in arrears has decreased under Fine Gael by over 65,000 mortgages or 46% since the peak in June 2013. This represents a decrease of €11.4bn in mortgage debt.

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"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 May 2015, the Government agreed a package of new measures to support mortgage holders who are in arrears and increase the numbers of people availing of those supports.

"The Government has recently announced changes to the Mortgage-to-Rent scheme. The Mortgage-to-Rent scheme is a Government initiative to help mortgage holders who are at risk of losing their homes due to mortgage arrears.

"In a nutshell, the scheme enables people in mortgage arrears go from paying a mortgage to renting and remain living in their family home.

"I encourage those who are still in mortgage arrears to communicate with their lender no matter how hopeless the case may seem. It is only through open dialogue between the bank and the borrower that arrears situations can be resolved."

(CD/MH)