Mortgage Arrears: The Central Bank's new plan - and what it means
The banks will have to work to engage thousands of customers a month, assess their financial situations and offer them new proposals, writes Jon Ihle.
The new Central Bank policy on mortgage arrears will require most lenders in the market to start renegotiating the terms of distressed debt according to a quarterly timetable. The goal is to take the entire stock of 122,906 accounts that are more than 90 days past due and, by the end of next year, underwrite them again on terms that will assure repayment over the life of the loan.
In practice, the banks will have to work...
Subscribe from just €1 for the first month!
With any subscription you will have access to
Unlimited multi-device access to our iPad, iPhone and Android Apps
Unlimited access to our eReader library
Exclusive daily insight and opinion seven days a week
Create alerts to never miss a subject that matters to you
Get access to exclusive offers for subscribers on gifts and experiences
Get content from Business Post, Business Post Magazines, Connected, Tatler and Food & Wine