Dáil Éireann Debate, Thursday - 29 March 2012
80 Deputy Michael McGrath asked the Minister for Finance the total value of the buy-to-let mortgage book here; the percentage that are estimated to be in arrears of 90 days or more; the percentage that are on interest only; and if he will make a statement on the matter. [17476/12]
View answerI am advised by the Central Bank that the total outstanding balance of buy-to-let mortgages advanced to Irish resident private households (including securitised loans serviced by Irish resident institutions) at end December 2011 was €28.8bn (€31.5bn at end December 2010). While the Central Bank publishes a detailed data series on the arrears position of primary residential mortgages, it does not publish comparable data on buy to let mortgages. However, the Bank has published some data on this subject. In a conference the Bank hosted in October 2011 on the Irish mortgage market, it estimated that, at end December 2010, 10.9% of buy-to let mortgage balances were in arrears of 90 days or more (the comparable statistic for residential mortgages at that time was 7.4%). Separately, in a presentation to the Joint Oireachtas Committee on Finance, Public Expenditure and Reform in October 2011, the Central Bank indicated that, at end December 2010, 57% of buy to let loans of the four banks included in the 2011 Central Bank Financial Measures Programme Report were interest only.
