Honohan says corner has been turned in dealing with mortgage debt crisis

Central Bank governor Patrick Honohan has said a corner "has clearly been turned" in solving Ireland’s mortgage debt crisis, but warned it will take a long time for the issue to be fully cured.

In an open letter to the chair of the Joint Oireachtas Finance Committee — Labour TD, Ciaran Lynch — he stated that roughly half of the 100,000 arrears cases processed have resulted in “sustainable payment restructures”.

Of some 108,304 cases of mortgages in arrears for 90 days or more, being assessed by the main lenders, sustainable solutions have been put to borrowers in 48,427 cases, he said.