No ‘quick fix’ to solve tracker mortgage issue

It could take up to one year to agree a solution for the tracker mortgage problem crippling the Irish banking system, according to people familiar with the situation.

The Irish Examiner has learnt that the most likely outcome would involve a series of guarantees by the banks, the Government, the ESM and the use of the ECB’s long-term refinancing operation (LTRO) programme.

Finding a solution for the tracker mortgage problem is currently being discussed by the troika and the Government as part of the last review of the economy before the country exits the bailout programme in December.