Central Bank announce new plans on mortgage arrears – Paddy Compare for home insurance!

The Central Bank of Ireland has recently set out new targets for banks dealing with mortgage customers who have fallen more than 90 days in arrears. After discussions with Troika, the European Commission led fund organisers, the Central Bank wants to have “concluded agreements” in place with 15% of customers in arrears over three months by the end of the year. It also wants to see banks offering sustainable solutions to 70% of these customers by spring 2014. It is yet to be decided if this is good or bad news for customers The Central Bank has not clearly defined their terminology of “sustainable solution” and whether this includes repossession or voluntary sale.

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