Dáil Éireann Debate, Tuesday - 19 November 2013
217. Deputy Terence Flanagan asked the Minister for Finance the progress and targets being achieved in tackling mortgage arrears by the banks through the mortgage arrears and resolution process; and if he will make a statement on the matter. [49507/13]
View answerThe Central Bank Mortgage Arrears Resolution Targets requires the main mortgage lenders to propose and conclude sustainable agreements with their mortgage customers who are in arrears of more than 90 days on their mortgage. The targets so far set require the relevant banks to propose sustainable solutions to
- 20% of their mortgage customers who are in arrears of over 90 days by end June 2013,
- 30% by the end of September,
- 50% by the end of the end of 2013 and
- 70% by the end of March 2014.
In addition, the targets so far set for concluded solutions are
- 15% of their arrears customers by the end of December 2013 and
- 25% by the end of March 2014.
Banks have now submitted returns to the Central Bank regarding the end June and end September targets. The Central Bank has informed me that it is currently reviewing the data submitted and it will publish information following receipt of audit reports on quarterly performance against targets at an aggregate industry level.
