Almost half of Ulster Bank mortgage customers in long-term arrears are in the process of having their homes repossessed, an Oireachtas committee has heard.

The Government has been criticised for failing to fully inform struggling mortgage borrowers of their rights and protections as concerns emerge over so-called vulture funds buying up Irish loans.

Almost three quarters of householders whose mortgages are more than 90 days in arrears have not had them restructured, the Department of Finance has confirmed.