Central Bank plan aims to deal with crisis

Banks will eventually have to write down mortgages in arrears for more than 90 days to their repossession value as part of a comprehensive strategy to deal with the crisis.

The move is part of a plan laid down by the Central Bank to deal with the mounting crisis that will also see repossessions rise.

The Central Bank has given the six borrowers covered by this strategy — Bank of Ireland, Ulster Bank, AIB, PTSB, ACC, and KBC — targets for the banks to propose restructuring solutions over the course of this year and next.