Central Bank warning on mortgage arrears crisis

The Central Bank is expecting the mortgage arrears crisis to continue for up to five more years as lenders try to speed up the rate at which they put sustainable solutions to struggling borrowers.

9th February, 2014

The Central Bank is expecting the mortgage arrears crisis to continue for up to five more years as lenders try to speed up the rate at which they put sustainable solutions to struggling borrowers.

Senior regulatory sources said the banks had become much better at resolving problem mortgage debts since the former deputy governor for financial regulation Matthew Elderfield set new targets for engaging customers last March, but that all lenders still had deficiencies.

The...

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