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Plan to help those in mortgage arrears make a new start - Taoiseach
Taoiseach Enda Kenny today said that Ireland's recovery would not leave behind those in mortgage arrears as Finance Minister Michael Noonan, together with the Financial Regulator, unveiled a new approach to the issue.
The Government today welcomed the publication by the Central Bank of specific, time-bound targets for the six main banks which will ensure early and measurable progress towards this objective.
These targets stipulate that:
- by end-June 2013, the banks should have proposed sustainable mortgage solutions for 20% of distressed borrowers
- by end September 2013, 30%
- by the end of 2013, the banks should have proposed sustainable mortgage solutions for 50% of distressed borrowers.
The Taoiseach said:
Too many families are struggling, anxious, stuck in impossible situations. They are the people who built this economy...I will not allow our recovery to exclude them because of uncertainty over their financial future. We’ve already put in place a comprehensive programme to help householders struggling to pay their mortgages.In the biggest shake-up of personal insolvency law in a century, we’ve rebalanced the rights of borrowers and lenders. For first-time buyers at the height of the boom we’re giving significant increases in mortgage interest relief.The stage is set now for this crisis to be resolved.
Watch the press conference with Michael Noonan here:
For more details read the full press release here.