Realism, not false hope, is key to arrears crisis

Recent changes aimed at achieving mortgage restructuring will offer hope for those in arrears, but it is still important to be realistic, writes Vincent P Martin.

17th March, 2013
Matthew Elderfield, the deputy governor of the Central Bank, has said banks which fail to meet his targets will be penalised. Photo: Kenneth O'Halloran

The economy will not recover without first dealing with the issue of household debt. This problem needs to be addressed because it is not only a micro-economic problem, but a social and macro-economic challenge in that a huge part of middle Ireland is being adversely affected. Until this section of the population, aged between 30 and 50, is enabled to return to solvency, there can be no hope of economic recovery.

In effect, borrowers are faced with...

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