The Central Bank says mortgage arrears remain one of the biggest remaining challenges from the financial crisis.
The bank – which published its annual report today – says it’s planning to heap pressure on lenders to step up their efforts to deal with the mounting problem.
Official figures show that over 100-thousand home-owners are struggling to pay their mortgage – with at least 71-thousand accounts or 9.2 per cent of the total number in arrears for more than 90 days.
The Financial Regulator Matthew Elderfield says the banks weren’t prepared enough for the crisis:
Governor Patrick Honohan says he "not comfortable" with the issue – but that discussions with the lenders have been "ramped up" over the last six months – to ensure there is effective management of the problem.
