Mortgage arrears rules will be needed 'for future challenges'

Central Bank's Colm Kincaid said the framework in place since the financial crash could be needed for any future crisis

The Central Bank has urged distressed borrowers to negotiate with their banks.

Mortgage arrears rules that dictate the way lenders deal with struggling households will likely still need to be kept in place to meet future challenges, a senior director at the Central Bank has said. 

Colm Kincaid, director of consumer protection at the regulator, said the framework that has been in place since the disastrous financial crash could be needed for any future crisis. Many thousands of people could not meet their mortgage repayments and fell into arrears.