Banks to get targets on restructuring mortgages

The Government has agreed strict quarterly targets for banks to restructure distressed mortgages ahead of an expected wave of repossessions.

The move comes as homeowners receive Revenue letters from today about the property tax. A new website allows owners to estimate what they owe.

The Central Bank, financial institutions, and the Government are all expected to announce new targets for mortgage restructuring in the coming days — with up to 20,000 deals expected every quarter.