Banks submit plans to deal with mortgage arrears crisis

The Central Bank said today that Irish lenders have now provided details of how they plan to deal with the mortgage arrears crisis.

It warned recently that the problem was overwhelming Irish banks.

The Central Bank says the plans submitted to them include proposals for mortgage-to-rent schemes and split mortgages.

Individual lenders are expected to implement the plans on a pilot basis shortly, before they are required to fully implement them by the fourth quarter of this year.