Cold comfort for mortgage holders as banks and state devour billions

THERE is a financial crisis that gets far too little attention. It is not the one at the banks or in the public finances but the one affecting the ordinary homeowners of this country, or at least those who have mortgages that must be repaid.

New figures published by the Central Bank this week showed there are almost 789,000 mortgages with banks on homes in this country. The loans involved amount to €117.4 billion.

One can only imagine what the market value of the properties secured on those loans is. This suggests an average mortgage of €149,000 which, even in the current depressed market, is less than the price of an average house.