Banks 'set to propose schemes to tackle mortgage crisis'

Irish banks will reportedly introduce a number of schemes aimed at dealing with the mortgage crisis over the next few weeks.

The Irish Examiner said that it follows a request from the Central Bank for ideas on how to ease the pressure on struggling homeowners.

The Central Bank has already received a number of proposals from the banks to deal with the mortgage arrears crisis.

They include negative-equity mortgages and mortgage to rent schemes, which will tackle unsustainable long-term mortgages.

The pilot phase will be rolled out next month, to be completed by September, and may be rolled out on a wider scale, depending on success levels.