Mortgage restructures ‘can help economy’

Taoiseach Enda Kenny has urged banks to speed up restructuring mortgage arrears to give hope to thousands of families and businesses struggling with debt.

Mr Kenny said Irish banks were bailed out at a cost of €64bn to Irish taxpayers — the equivalent of over €35,000 for every household in the country.

His comments came as the Government prepares to unveil quotas for state-covered banks on the number of distressed mortgages to be worked out every quarter.