Mortgage arrears - This time social needs must prevail

It is hard to think of a point where our social ambitions and economic obligations are in greater conflict with our idea of what a decent society should be than the escalating difficulties around unpaid mortgages held on family homes.

Unfortunately, social aspirations and banking imperatives are too often diametrically opposed and struggling families who want to do no more than keep a roof over their heads are the meat in the sandwich.

Yesterday morning, Central Bank governor Patrick Honohan returned, for the second time this week, to this theme and publicly criticised banks for being “behind the curve” on the issue. He also said that the Central Bank will be “ramping up” its contact with those institutions. He recognised that some repossessions are unavoidable for many investment properties but he also suggested that some leeway will have to be found for those doing their best to maintain repayments.