Coalition set for new mortgage plan after Central Bank clash

The government has agreed a new plan to tackle the mortgage crisis following weeks of discussions with the Central Bank, write Pat Leahy and Niamh Connolly.

10th March, 2013
Patrick Honohan and Matthew Elderfield of the Central Bank will oversee the new plan. Photo: Maura Hickey

The government has agreed a new plan to tackle the mortgage crisis following weeks of discussions with the Central Bank.

Ireland's banks - each with tens of thousands of distressed borrowers on their books - are to be set quarterly targets for restructuring mortgages, each policed by the Central Bank.

If the banks do not meet the numbers of required restructurings, they will have to make extra capital provision against the number of unrestructured mortgages....

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