Taoiseach Brian Cowen has challenged estimates of the number of mortgages in difficulty.
Mr Cowen told the Dáil this afternoon there had been some suggestion that there had been negotiated repayment reductions or defaults in at least 100,000 mortgages.
“This overstates the situation significantly,’’ he added. “The figure is closer to 70,000, which includes restructured payments and the arrears figure of 36,000.’’
Mr Cowen said the level of default in mortgages was strongly related to the unemployment rate.
He was replying to Fine Gael leader Enda Kenny who said that the arrears in mortgages was one of the many storms approaching the country which was sure to hit.
At the end of June, the figure was around 37,000 in serious arrears, adding that yesterday economist Morgan Kelly reckoned that up to 100,000 mortgage-holders could be in serious difficulties in a short time.
Fine Gael, he said, had attempted to amend the Nama legislation allowing for some facility for temporary relief among distressed mortgage holders.