Ciarán Lynch (Cork South Central, Labour)
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Question 344: To ask the Minister for Finance the mortgage default rate and the foreclosure rate here since 2000; and if he will make a statement on the matter. [33858/09]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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The data which the Deputy has requested is not available as far back as 2000. Data on mortgage defaults is not compiled by the Financial Regulator on a routine basis. However, in December 2008, the Financial Regulator published the findings of an examination of procedures for handling arrears and repossessions across credit institutions and other mortgage lenders. This examination showed that at end June 2008, 13,931 mortgage accounts (1.44% of residential accounts at end June 2008) were over 3 months in arrears, compared with end December 2006 when there were 11,252 accounts over 3 months in arrears (1.21% of residential accounts at end 2006).

In relation to the foreclosure rate the Courts Service only hold data on the number of court repossession orders granted. Orders for repossession do not, of course, necessarily equate with actual repossessions. It is up to the person or company which obtained the order for repossession to pursue its execution. Notwithstanding this, the aforementioned December 2008 report of the Financial Regulator found that between January 2005 and June 2008 credit institutions repossessed 112 residential properties. Other mortgage lenders repossessed 16 properties in that time period. In total, there were 128 repossessions by court order for the period January 2005 to June 2008 out of a total of almost 1 million mortgage accounts reported to be held at end June 2008.

The Irish Bankers Federation (IBF) has confirmed that, with respect to its members, 96 repossessions took place in 2008, which represents 0.01% of all mortgages. In the first 6 months of 2009 70 repossessions have taken place.