Central Bank expected to review mortgage arrears targets

Central Bank expected to review mortgage arrears targets

Negotiations are underway about carrying out a review of targets set for banks to deal with mortgage arrears.

It is understood the development follows an initiative being driven by the Taoiseach’s Department to step up measures to reduce the number of people who are in long term difficulties with loans.

There are 37,000 mortgages accounts two years or more behind on repayments.

This number has been increasing despite an improvement in the economy.

Last week Taoiseach Enda Kenny met the Insolvency Service of Ireland to discuss the issue.

The Department of Justice is going to review the service amid concerns that there is a lack of public awareness of it.

It is understood talks are underway between Government and the Central Bank about a review of targets set for banks to deal with mortgages which are in arrears.

It is expected the outcome of both reviews will be concluded by next month.

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