Mortgage crisis despite fastest growing European economy

Ireland remained Europe’s fastest growing economy last year after expanding at a pace not seen since the heyday of the Celtic Tiger 15 years ago.

However, as the economy’s resurgence continued apace, mortgage arrears figures showed the recovery is doing little to help tens of thousands of people failing to meet their repayments.

The number of mortgage holders in long-term arrears of more than two years remains stubbornly high despite the rapid pace at which the economy is growing; echoing the disparity between the statistical recovery upon which Fine Gael based its election campaign and the financial reality of many voters.