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Mortgage Data

Dáil Éireann Debate, Wednesday - 13 January 2016

Wednesday, 13 January 2016

Ceisteanna (235)

Pearse Doherty

Ceist:

235. Deputy Pearse Doherty asked the Minister for Finance the number of completed restructured arrangements and the figure, under the mortgage arrears resolution targets, that involved the loss of the family home. [1354/16]

Amharc ar fhreagra

Freagraí scríofa (Ceist ar Finance)

The Deputy will be aware that the Central Bank of Ireland (Central Bank) publishes the Residential Mortgage Arrears and Repossession Statistics series on a quarterly basis which provides a comprehensive overview of the entire Irish mortgage market including information on arrears broken down by duration; legal proceedings and repossessions; restructure arrangements broken down by type; and the performance of restructured mortgage accounts. Data is provided by all entities that hold loans secured on properties located in the Republic of Ireland including inter alia bank and non-bank entities.

The most recent series (Q3 2015 data) was published by the Central Bank on 11 December 2015 and can be accessed at http://www.centralbank.ie/polstats/stats/mortgagearrears/Documents/2015q3_ie_mortgage_arrears_statistics.pdf. A total stock of 120,806 PDH mortgage accounts were categorised as restructured at end Q3 2015, reflecting an increase of 1.9% when compared with the previous quarter. Split mortgages and arrears capitalisations accounted for 20% and 28.1% of the total PDH restructures respectively, and showed significant increases over the quarter. Reliance on interest only arrangements and reduced payment arrangements fell further during Q3, a common trend over recent quarters. 86.6% of PDH restructures were deemed to be meeting the terms of their arrangement at end Q3 2015, an improvement on the previous quarter.

During Q3, legal proceedings were issued to enforce the debt/security on a PDH mortgage in 1,687 cases. There were 798 cases where court proceedings concluded but arrears remained outstanding. In 329 cases the Courts granted an order for repossession or sale of the property.

It should be noted that the above details relate to all entities that hold loans secured on properties located in the Republic of Ireland including inter alia bank and non-bank entities. It does not relate to information on the Mortgage Arrears Resolution Targets (MART), which were in effect from March 2013 to December 2014. Information on performance against MART was also publically reported in the Central Bank's Q3 2015 release. While the MART sustainability targets include a significant number of accounts in arrears which are part of a legal process, accounts that are the subject of a legal process are not classified as restructured within the Mortgage Arrears Statistics and arrears associated with such accounts are recorded in full in the data.  

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