Enda Kenny (Mayo, Fine Gael) | Oireachtas source

It is an important point. Since August last year, the Department of Finance has published regular reports on what is happening here, engaged with the banks and processed that information. The figures produced in November this month, drawn from the six main banks, account for approximately 90% of the mortgage market. That information indicates that progress continues to be made. The data shows that up to September 2014, the total number of mortgage accounts in arrears - all arrears one day past the due date - is below the 100,000 mark for the first time since August 2013. The figures relating to the period up to the end of September 2014 underline the progress that has been made for private dwelling homeowners since the figures started being collected. The figures for principal dwelling houses demonstrate that the number of mortgage accounts in arrears of over 90 days and not in a restructuring arrangement has decreased from 62,210 in August 2013 to 48,043 at the end of September of this year. This means that engagement between consumers and lenders has led to an increase in permanent mortgage restructuring processes of over 32,400 since the start of the year. These are the people referred to by the Deputy; they have been under pressure and have had to live for the banks while existing for their families. In this year alone, 32,400 have reached an acceptable permanent restructuring arrangement. In 2014, there has been a drop of almost 12,000 in the number of mortgage accounts in arrears of more than 90 days, which is a relief for those people. The number of split mortgages continues to increase, with over 17,000 in place at the end of August. That results from discussions and engagement between borrowers and lenders.

Central Bank mortgage arrears statistics for the second quarter of 2014 reinforce the picture of solid improvement. For example, the number of mortgage accounts for principal dwelling houses in arrears fell for the fourth consecutive quarter, with the number of principal dwelling house mortgage accounts in arrears of more than 90 days continuing to fall during the second quarter. This represented a third consecutive decline in the number of principal dwelling house accounts in arrears over 90 days. Some 101,973 principal dwelling house mortgage accounts were classified as restructured at the end of June.

This reflects a quarter-on-quarter increase of 10.3%. Of these restructured accounts, some 81.2% were deemed to meet the terms of current restructured arrangements. It is important to note that restructured accounts can still be classified as in arrears for a trial period until the arrangement is proven to be working. The figures might be better than those given here because there is a trial period to see whether borrowers can measure up to the restructured arrangements. This is not a situation in which everyone is out of arrears with permanent restructuring arrangements, but things are heading in the right direction. We must build on the existing platforms.

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