Central Bank wants concluded solutions for 45% of distressed borrowers by the end of 2014

Wednesday 04 June 2014 18.55
Central Bank began setting mortgage arrears resolution targets in March 2013
Central Bank began setting mortgage arrears resolution targets in March 2013

The Central Bank has told banks that they must have proposed sustainable solutions to 85% of customers who are over 90 days in arrears by the end of the year.

Banks are now expected to have concluded solutions for 45% of distressed borrowers by the end of 2014.

In March 2013, the Central Bank began setting mortgage arrears resolution targets, which banks are required to meet on a quarterly  basis.

The bank is due to publish its figures on residential mortgage arrears and repossessions for the first quarter of this year tomorrow.