Banks 'dragging feet' on arrears


Irish banks are still dragging their feet when it comes to dealing with mortgage arrears, the Central Bank has warned.

In its first quarterly bulletin of the year, the bank said lenders were not doing enough to tackle “the long-term nature” of arrears.

While acknowledging that more debt resolution measures were being rolled out by banks, the Central Bank said the level of implementation, through either debt restructuring or loan recovery, was far from adequate.

“While there is a delicate balance to be struck here, it is critical that financial institutions move to deal decisively with the issue of long-term mortgage arrears,” it said.