Latest Quarterly Mortgage Arrears data show 8.1% of Mortgage Accounts in Arrears over 90 days, up from 7.2% at the end of June 

Press Release 18 November 2011

Tá an preasráiteas seo ar fáil as gaeilge chomh maith

The Central Bank today publishes the latest data on mortgage arrears, restructures and repossessions for the period ended September 2011. The figures show that 8.1% of private residential mortgage accounts are in arrears for more than 90 days.

Director of Consumer Protection, Bernard Sheridan, emphasised the importance of consumers struggling with mortgage repayments, or those who fear they will fall into difficulty, to make contact with their lender as early as possible. He said: ‘The earlier you make contact with your lender the more likely you are to come to a manageable solution’.  The Central Bank’s revised Code of Conduct on Mortgage Arrears provides many protections to consumers in or facing mortgage arrears. By engaging with their lender, consumers can benefit from those protections.

At the end of September 2011, there are 773,420 private residential mortgage accounts held in the Republic of Ireland to a value of €114.4 billion. The stock of accounts continues to decline, from the 794,609 that were held at the end of September 2009. Of the current stock of accounts, 62,970, or 8.1%, are in arrears for more than 90 days. This compares with 55,763 accounts (7.2% of total) that were in arrears for more than 90 days at the end of June 2011. 

Restructuring Arrangements

The figures also show there was a total stock of 69,735 residential mortgage accounts that were categorised as restructured at the end of September 2011. This compares with a total stock of 66,732[1] restructured accounts at the end of June 2011. Of this total 36,376 are not in arrears and are performing as per the restructured arrangement. The balance of restructured accounts (33,359) have arrears of varying categories (arrears both less than and greater than 90 days). Therefore, 99,346[2] accounts are either in arrears greater than 90 days or have been restructured and are not in arrears as at the end of September 2011. Arrangements whereby at least the interest only portion of the mortgage is being met account for half of all restructure types (50%)[3].

Repossessions

During the quarter ended September 2011, mortgage lenders applied to Court to commence proceedings to enforce the debt/security on a mortgage in 89 cases comprising arrears totalling €5.3 million built up on loans equating to €27.2 million. 125 court proceedings were concluded this quarter of which the Courts granted orders for possession/sale in 76 cases.

162 properties were taken into possession by lenders during the quarter, of which 43 were repossessed on foot of Court Orders and 119 following voluntary surrender or abandonment. These 162 repossessions compare with 173 repossessions that took place in the quarter ended June 2011. A total of 87 properties were disposed of during the third quarter of 2011; a 55% increase from the 56 disposals in Quarter Two 2011. Mortgage lenders held 884 properties at the end of September 2011. There have been a total of 1,048 properties taken into possession in the two years since this quarterly report commenced.  

The Central Bank have also published a Consumer Guide and Frequently Asked Questions for consumers

View Residential Mortgage Arrears and Repossesion Statistics

View Residential Mortgage Arrears and Repossesion Statistics - Trend to September 2011

View Revised data to end June 2011 

[1] Quarter Two 2011 restructured data has been updated from the previous publication due to a resubmission of data from one lender

Quarter Two 2011 restructured data has been updated from the previous publication due to a resubmission of data from one lender

[2] Sum of 62,970 plus 36,376

[3] Interest only (24,845) and Reduced Payment paying greater than Interest Only (10,016)