Mortgage crisis

It should concern everyone on this island that more than 142,000 home loans are behind in payments.

The Central Bank has pointed out that the number of mortgages more than three months in arrears rose again in the first quarter of the year. Some 12.3% of home loans were more than 90 days behind in payments by the end of March.

These are chastening figures and remind us all of the real stress and hardship that has come to define so many — too many — Irish lives.

Their situation may even grow worse as the new Central Bank code of conduct on mortgage arrears is due to be published next week.

Consumer groups have expressed dismay at the way the code empowers banks to quickly take legal action against people in arrears.

This issue has to be resolved if our economy is to recover but individuals and families must be protected too. If banks take a heavy-handed approach to those unable to meet their obligations, then a very strong reaction can be expected.