Arrears plan target raised to 75%

The Central Bank yesterday set a tougher target for lenders to offer sustainable solutions to 75% of customers in mortgage arrears of more than 90 days by the end of June.

The regulator has upped pressure on lenders as Ireland prepares to exit the international bailout programme. It had required banks to find sustainable mortgage solutions for 30% of customers in arrears over 90 days by the end of September and for 50% by the end of 2013.

Under the new target, concluded solutions should reach 35% by June, the Central Bank said.