Just under nine out of ten borrowers who completed the Central Bank’s Mortgage Arrears Resolution Process between 2014 and 2015 were successful in securing an alternative repayment arrangement (ARA) with their lenders.

Data from the Central Bank’s latest Consumer Protection Bulletin shows that 163,962 borrowers entered the process during the period, with 89% of people offered alternative repayment options in the first half of 2014, with the figure for the second half of 2015 at 87%.

Between 91% and 94% of these offers made by financial institutions were accepted by borrowers in arrears.

Of those borrowers who appealed an ARA offer or were not offered one at all, a third were successful in having their appeals upheld in H1 2014, with the figure for H2 2015 dropping to 23%.

The Bank’s Mortgage Arrears Resolution Process forms part of the Central Banks’ Code of Conduct on Mortgage Arrears, which are designed to provide a strong consumer protection framework to protect borrowers struggling with mortgage repayments.