Bloomberg News

Irish Mortgage Arrears Advance 13% in Second Quarter

September 01, 2010

Irish mortgages more than 90 days in arrears rose 13 percent in the second quarter, said the Central Bank of Ireland.

Accounts behind in payments increased to 36,438 in the three months ended June 30, from 32,321 in the previous quarter, the Dublin-based central bank said today on its website. Loans in arrears accounted for about 4.6 percent of all home loans.

Ireland’s unemployment rate has more than doubled over the past two years as the economy contracted, while property prices have fallen by about half since early 2007. The Irish economy has contracted by about 10 percent since 2008 after the nation’s property bubble burst and banks were saddled with bad loans.

Court proceedings had been issued in 3,023 cases, at the end of the second quarter, down from 3,077 at the end of March, the central bank said. Of loans in arrears, 24,797 were more than 180 days behind in repayments.

To contact the reporters on this story: Finbarr Flynn at fflynn3@bloomberg.net;

To contact the editor responsible for this story: Colin Keatinge at ckeatinge@bloomberg.net


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