Central Bank says banks must offer solutions to 75% of arrears cases by June 2014

Thursday 05 December 2013 20.56
Banks must conclude deals in 35% of arrears cases by June 2014
Banks must conclude deals in 35% of arrears cases by June 2014

Lenders must offer sustainable solutions to 75% of customers in mortgage arrears by the end of June 2014, under new targets set out by the Central Bank.

The authority also said it wants solutions to be concluded in at least 35% of cases where customers are in arrears of 90 days or more by the same date.

The Central Bank had previously required banks to propose sustainable mortgage solutions for 30% of customers in arrears over 90 days by the end of September and last month confirmed that this had been met.

Lenders are required to propose sustainable solutions to 50% of cases by the end of the year.

The Central Bank said the new target was in line with the EU/IMF bailout and comes just over a week before the country officially exits that programme.