Central Bank: 1 in 5 mortgages in delinquent state

Central Bank: 1 in 5 mortgages in delinquent state

Around one fifth residential mortgages in Ireland are currently in a delinquent state.

According to the Central Bank, up to half of mortgage holders are in negative equity.

This makes the mortgage arrears crisis one of the most profound across the OECD.

In a new paper on the issue the Bank said many of the borrowers in a distressed state are actually in employment, although many are on temporary contracts and some have experienced a significant drop in income.

The bank added that in order to tackle the mortgage arrears crisis overall job security and labour market conditions must be tackled.

More in this Section

Cllr says arson attack on family home in Longford was 'attempted murder'Cllr says arson attack on family home in Longford was 'attempted murder'

Only a matter of time before coronavirus reaches Ireland, doctor saysOnly a matter of time before coronavirus reaches Ireland, doctor says

Cabinet told Brexit will have adverse impact on citizens and businessesCabinet told Brexit will have adverse impact on citizens and businesses

Ireland remains on high alert for possible Coronavirus cases, Cabinet toldIreland remains on high alert for possible Coronavirus cases, Cabinet told


Lifestyle

Martin Hayes doesn’t like to stand still. The fiddle virtuoso from East Clare has made it a hallmark of his career to seek out creative ideas from beyond his musical tradition.Martin Hayes: Breaking new ground

Brian Hassett is from Blackrock in Cork, and has been involved in various aspects of music in multiple guises.A Question of Taste: Brian Hassett, Coughlan's Live

'Comics are not like regular books. They spark the intellect to expand the story and the message.'Drawn to reading: Using comics and illustrated stories to promote literacy in children

Halloumi might be said to be an entire cuisine in itself rather than just any old cheese.Currabinny Cooks: How you could use halloumi in a range of dishes

More From The Irish Examiner