The Irish Mortgage Holders Association has said the small number of insolvency arrangements put in place by the Insolvency Service of Ireland over the last year is a “pathetic attempt” to deal with the problem.

Speaking on RTÉ's News at One programme, David Hall said the insolvency figures due out on Wednesday will show that bank's have a long way to come in dealing with the large number of people in financial difficulty. 

He said only 1,000 insolvency arrangements have been agreed so far.

The IMHA is advising people in mortgage difficulties that there are solutions out there and people need to tackle the issue head on.

Mr Hall said the organisation will be hosting a number of information nights across the country in the coming months to advise mortgage holders who are in arrears of their options.