Rise in proportion of mortgages more than three months in arrears

New figures show that 10.9% of mortgages were more than three months in arrears in the second quarter of the year.

That figure is up from 10.2% at the end of the previous quarter.

Banks had 961 repossessed homes on their books at the time of the data.

However, today's figures from the Central Bank also show a fall in the actual number of mortgages which were less than three months in arrears.

A total of 45,165 mortgages fell into this category in the second quarter, down from 46,284 at the end of March.

It is the first time the Central Bank has revealed details of arrears of less than three months.

Some 84,941 mortgages are also listed has having been restructured by Irish lenders.

Pat Farrell, Irish Bankers Federation (IBF) chief executive, said the figures are expected to rise.

“It comes as no surprise that, unfortunately, the overall stock of mortgage arrears continues to grow and indeed is likely to do so for some months yet because of the economic and financial backdrop,” he said.

“However, the continuing reduction in the pace at which the stock has been growing is very welcome and we must hope that this trend will continue.”