Noonan: Repossession must be an option

The delay in tackling mortgage arrears has gone on too long and must be dealt with, according to Finance Minister Michael Noonan.

He said repossession had to be an option, otherwise in theory, the mortgage market would collapse.

“They [the banks] are now committed to proceed and the details of the arrangements they have made with the Central Bank, and of which they have informed the Government, that will be going out later this week.”