Mortgage arrears crisis - Time is running out

Faced with a gathering tsunami of mortgage arrears, it is alarming to learn that the emergency committee set up by the Taoiseach to address this crisis has not met in three months.

With 167,000 mortgage holders still in arrears, decisive action is urgently needed to resolve debts estimated at a staggering €35bn.

While mortgages have been restructured for 57,000 people, their €9bn debt still hangs over them.

It would be a travesty if the warning call by Fiona Muldoon of the Central Bank for greater urgency of purpose from the banks went unheeded.

If they remain in denial, the viability of the system will be at risk.

That no meeting of this important committee has been held since July will heighten rather than assuage fears about the gravity of Ireland’s impending mortgage disaster.

With people growing more worried by the day, there is an onus on the Government to come up with answers and allay their fears.

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