Banks to bring in pilot initiatives to tackle mortgage crisis

A number of schemes to tackle the mortgage crisis are to be introduced next month by banks and financial institutions.

The pilot initiatives will focus on unsustainable long term mortgages and follow a request by the Central Bank that all institutions submit plans on solutions by the end of this month.

Figures to be released today by the Central Bank will underline the scale of the problem — with 80,000 (or 10.5%) of mortgages now over 90 days in arrears.