Facing up to the arrears problem

These are permanent solutions to the arrears problem, and the banks are beginning to realise that — four years on from the beginning of the crisis.

THE procession of bank executives through the committee rooms of Leinster House this week has done little more than confirm that politicians don’t know the right questions to ask and that the bankers know how to answer those questions without saying anything truly revealing.

The problem of mortgage arrears has been to the forefront of the public debate for nearly four years now but a proper resolution remains elusive. This year it was hoped that targets set by the Central Bank would see “sustainable” solutions offered to the borrowers with the most significant arrears.