Mortgage crisis - Some sort of rescue plan is essential

THERE are 777,321 private residential mortgage accounts held in this state involving something around €115 billion.

The vast majority are being paid down as lenders and borrowers would hope.

However, Central Bank figures published yesterday show that a fraction of these — 55,763 representing just 7.2% — were in arrears for more than 90 days at the end of June. This is an increase on the 6.3% of three months ago and the 5.7% recorded at the end of last year. Almost 70,000 — 69,837 — residential mortgages were described as restructured at the end of June showing a willingness on behalf of borrowers and banks to reach realistic accommodations. Of these 39,395 are meeting their obligations.