Tackling mortgage arrears - €100m initiative is welcome

The deal between the AIB, the Irish Mortgage Holders’ Association, and iCare Housing association is a welcome effort to tackle, in a substantial way, the crisis of mortgage arrears.

It is the first time since the recession that any major lender has brought innovation and determination to such an intractable problem.

Official figures show that around one in 10 mortgages are still in arrears, with 51,750 homeowners 90 days behind on their monthly payments.