Help for those in arrears urged

Finance Minister Michael Noonan has ruled out introducing a moratorium on home repossessions and warned such a move could “dry up” lending.

He said measures to help borrowers in debt were being progressed, including insolvency options and a special court, but that banning repossessions could be “quite risky” for the mortgage market.

Speaking in the Dáil, Social Democrats TD Stephen Donnelly asked when new measures for troubled borrowers would be in place and whether the Government would, in the meantime, introduce a moratorium so homeowners could remain in their properties.