Fine Gael TD for Wexford, Minister Paul Kehoe has said that another drop in the number of long term mortgage arrears is very encouraging. This comes following a drop in May; the first decrease since the crisis.
“Mortgage data released by the Department of Finance shows that the number of mortgages in arrears for greater than two years fell by 116, that’s on top of the 181 recorded in May 2015. This is very good news and shows that Government policy on mortgage arrears is working.
“June’s data also shows that the total mortgage accounts classified as permanently restructured increased by 979, meaning that the total restructured accounts have increased by 22%, standing at 110,116. Again this shows that the initiatives introduced by this Government are now being utilised.
“The number of residential mortgages in arrears continues to fall after a number of key Government initiatives:
- In December 2012 the Personal Insolvency Bill was signed into law, introducing new debt settlement arrangements
- In March 2013 the Central Bank introduced mortgage arrears targets for the main banks
- In April 2013 the Insolvency Service of Ireland launched a public information campaign.
“The data released by the Department of Finance confirms that we are beginning to see a downward trend in the number of long term mortgage arrears, but this does not mean that the problem is solved. The number of mortgages in arrears is still too high, this can be seen here in Wexford.
“This decrease in long term arrears, though small, is very significant and along with my colleagues in Government, I am encouraging the Central Bank to continue to monitor its targets for the banks and the ISI should also continue to engage with mortgage holders so that this progress can be continued.”
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