Written answers

Thursday, 26 April 2012

Department of Finance

Negative Equity Mortgages

8:00 pm

Photo of Michael McGrathMichael McGrath (Cork South Central, Fianna Fail)
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Question 66: To ask the Minister for Finance if he has an estimate of the number of households in negative equity at the present time; and if he will make a statement on the matter. [21115/12]

Photo of Michael NoonanMichael Noonan (Minister, Department of Finance; Limerick City, Fine Gael)
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Firstly, I would like to inform the Deputy that the most recent and detailed data on negative equity is presented in the paper entitled "The Irish Mortgage Market: Stylised Facts, Negative Equity and Arrears" which is available on the Central Bank's website www.centralbank.ie. The Central Bank has advised me that in early 2011, loan loss assessments under conservative, base and stressed case scenarios were carried out on the loan books of four Irish credit institutions. As part of the process, detailed loan level data covering residential mortgages was gathered on the credit portfolios of the institutions involved. Drawing from the data, the Central Bank assess that approximately 145,000 properties were in negative equity in the last quarter of 2010.


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