Central Bank says corner has been turned in mortgage arrears crisis

In addition, though, a large number of cases processed by the banks (31,170) have had legal proceedings initiated. In the vast majority of these cases the borrower has been deemed non- cooperating2. Even though these have been placed in a legal process, it is likely that, given cooperation, some sustainable restructure could be designed for many of these cases. To date, lenders have obtained possession through the legal route in 5,2133 cases; these are cases in which no sustainable restructure could be designed. The remainder are at an earlier stage in the legal process and lenders find that a proportion have become willing to cooperate after the legal process began. As a result, it is difficult to estimate how many cases of loss of ownership will actually crystallize.

Click to expand...