Arrears in Dublin City Council housing scheme tripleThursday 13 September 2012 14.49
Dublin City Council has repossessed 72 homes in the past two years as arrears on its house purchase scheme have tripled.
A report to the council's Finance Committee warns that repossessions will remain high and a total of 45% of its loans are in arrears.
Around one third of those in arrears are over 12 months behind in repayments.
The report states that a number of borrowers have failed to engage with its arrears resolution process and that 41 properties have been abandoned.
The presentation by senior executive officer Tony Flynn shows that arrears have tripled from just over €3m in 2007 to over €9m by the end of last year.
The repayments arrears involve home loans totalling over €180m or nearly half the total.
It states that special funds will have to be set up to cover the loss on the council's loans from the Housing Finance Agency and the cost of dealing with repossessed or abandoned houses.
The loans cover a number of different schemes including affordable housing, shared ownership and tenant purchase.
Greyhound collected less than 2% of bin collection arrears
A separate report shows that the waste company, Greyhound, has collected under 2% of arrears owed to Dublin city Council for bin collection.
Greyhound agreed as part of its contract to collect the €9 million in bin charge arrears owed to the council when it took over the waste collection service in January.
But a report for the committee states that only €171,725 of this money had been collected by Greyhound by mid-August.
Committee Chairman Cllr Mícheál Mac Donncha described Greyhound's record as "appalling".
He said council staff should be used to collect the money.
There are also outstanding bills for the final quarter of 2011 totalling over €3.5m which were not paid to the council.
According to the report, Greyhound has collected around €1.5m of this.