Finance
Non-banks hold more than half of mortgages in arrears
In recent years the Central Bank has intensified its supervisory oversight of the non-bank sector
Non-banks now hold 14 per cent of total mortgages in Ireland, including 52 per cent of all mortgages in arrears, according to the Central Bank of Ireland.
This trend is largely attributable to Irish banks selling off non-performing loans over the last decade.
In the Irish context, non-banks engaged in mortgage lending are regulated as Retail Credit Firms and are subject to financial conduct and consumer protection rules.
While the Minister for Finance, Michael McGrath, has offered extra powers on regulating non-bank mortgage lenders, the Business Post understands that the Central Bank has said it doesn’t need any.
