In the debate about mortgage arrears over the past few years there have been frequent references to a “tsunami of repossessions” that was about to overwhelm the country. 

New figures show a dramatic rise in the number of repossession orders granted in Irish courts.

EVEN though this moment, long denied in the hope that it might never arrive, has been anticipated for nearly a decade, figures released yesterday by the Central Bank predicting a short-term tsunami of home repossessions, and all of the heartbreak that infers, are still chilling.

The Government has been urged to take “radical” steps to stem the flow of house repossessions, as thousands of families face up to the threat of losing their homes.

There were heartbreaking scenes inside Court 1 at Limerick Circuit Court as 219 applications were brought by banks and other lending institutions for possession of properties against families and individuals.

Several homes have been repossessed at a sitting of Limerick Circuit Court.

A large protest is expected outside Limerick Courthouse later, where more than 200 home repossession applications are listed to be heard.

Bank of Scotland accounted for a quarter of all repossession orders granted in the Circuit Courts last year.

A young couple with a new baby and three other children said yesterday they had a lender’s application to repossess their rural home “sprung upon them”.

Subprime lenders only account for 3% of mortgage lending but they have been responsible for up to a quarter of all home repossessions, according to figures released by the Central Bank.