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.