Irish mortgage arrears double

THE percentage of the €1.4 billion worth of Irish residential mortgages in arrears for more than 90 days has doubled to 1.5%.

Ratings agency Standard & Poor’s said almost 4% of Irish mortgages are now in arrears or delinquent for more than 30 days – double the level a year ago.

It said higher unemployment and continued house price declines are likely to put further pressure on the performance of Irish mortgage-backed securities.