Oireachtas Joint and Select Committees

Wednesday, 2 April 2014

Joint Oireachtas Committee on Finance, Public Expenditure and Reform

Mortgage Arrears Resolution Process: Discussion

4:20 pm

Photo of Pearse DohertyPearse Doherty (Donegal South West, Sinn Fein) | Oireachtas source

I will pick up on the point, because I asked our previous witnesses about repossessions. FLAC had provided figures with regard to the issuing of legal letters.

It was that 3,321 legal letters were issued in the last two quarters and it stated this was a ramping up of the number of such letters being issued. In the same period, 367 houses were surrendered or repossessed with 139 of them being repossessed through court orders. Given that there has been a ramping up of the issuing of legal letters, the spillover of actual repossessions or voluntary surrenders will become evident at a later stage, probably over the next quarters. How do the witnesses envisage that the repossession issue will become more severe? People should suggest what type of numbers are likely within the short term.

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