€25.8bn mortgages in arrears of over 90 days

The scale of the mortgage crisis facing the country has been laid bare, with figures showing €25.8bn was more than 90 days in arrears at the end of last year.

Despite promises from the banks to deal with struggling households, the Central Bank report found just a quarter of owner-occupiers in arrears of three months or more have had their mortgages restructured. Only one in five buy-to-let accounts in arrears are classified as restructured

It also noted that the vast majority of borrowers given reduced payments were only put on these arrangements on a short-term basis.