Stephen Donnelly (Wicklow, Independent) | Oireachtas source

We heard at the Joint Committee on Finance, Public Expenditure and Reform that the majority of targets that have come in so far are legal letters initiating repossession proceedings. The problem is that approximately 180,000 mortgages - one in five of that total - are in arrears. Ireland has several times more mortgages in arrears than the next closest country on earth. What has happened in Ireland is not happening anywhere else. There are targets in place, the Insolvency Service of Ireland has been established and a review has been initiated to try to get rid of some of the red tape, but nobody is joining the dots. We have a complicated system with lots of different stakeholders.

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