The Insolvency Service of Ireland's third quarter statistical report shows continued growth in new applications for debt relief. 

Today's report shows the office received 899 new applications, representing a 102% jump on the same time last year and a rise of 22% on the second quarter of 2016.

The jump is partly due to the recent removal of the banks' veto over proposed arrangements involving debtors' homes.

This had resulted in financial institutions being forced to reverse some of their own rejection decisions.

Some 417 protective certificates were issued, with 337 arrangements approved in the three months from July to September. 

The report shows that 78% of the new applications were for Personal Insolvency Arrangements (PIAs), which are designed to return a person to solvency while keeping them in their home.

During the third quarter 58% of PIAs were approved by creditors.

Such arrangements provide for a restructuring or settlement of secured debt up to €3m and the settlement of unsecured debt over a period of up to six years. 

Meanwhile, 84% of Debt Settlement Arrangements - which provide for the agreed settlement of unsecured debt with no limits involved over a period of up to five years - were approved by creditors. 

The number of bankruptcies fell to 61, down from 173 cases in the second quarter.

This brings the total so far this year to 345, compared with 479 for all of last year. 

The new bankruptcy term of one year was introduced in January of this year. 

Since its creation, the ISI said it has assisted over 4,000 people to return to solvency.

ISI Director Lorcan O'Connor said that the recent launch of the Government's mortgage arrears resolution service - Abhaile - is expected to driver further growth in the coming months.


He said that banks are still voting no to insolvency cases, but a court review mechanism to review cases is open to applicants.

He also said he expects the Insolvency Service will have a lot more cases to deal with in the future given that 36,000 are still in mortgage arrears.