Central Bank outlines tough rules for banks on mortgage debt

The Central Bank has issued new guidelines to banks on dealing with mortgage debt to lenders.

27th July, 2013

The Central Bank has issued new guidelines to banks on dealing with mortgage debt to lenders.

It has also warned that sustainable solutions to mortgage arrears must include clear explanations for borrowers and a willingness to propose solutions where debt could ultimately be written off.

The guidelines outline what constitutes a sustainable solution for a borrower struggling with mortgage debt. The banks are also warning that temporary solutions - such as moving borrowers to interest-only...

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