Mortgage arrears measures ‘throw borrowers to the wolves’

New measures to tackle the mortgage arrears crisis offer no hope to borrowers and effectively “throw them to the wolves”, campaigners have claimed.

Under the plan announced by the Government and the Central Bank, there will be a sharp rise in repossessions, with banks forced to write down debt.

The six main lenders — AIB, Bank of Ireland, Ulster Bank, PTSB, ACC, and KBC — have been given specific targets to have solutions in place with 20% of distressed customers by the end of June, 50% by the end of the year, and the balance over 2014.