37,000 buy to let mortgages in arrears

37,000 buy to let mortgages in arrears

Fiona Muldoon of the Central Bank

37,000 buy to let mortgages are in arrears, according to new figures from the Central Bank.

A presentation this morning by Credit Institutions and Insurance Supervision director Fiona Muldoon also revealed that a further 11,000 buy to let mortgages are restructured and not in arrears.

The 37,000 accounts in arrears amounted to €11 billion worth of property.

Meanwhile 129,000 homeowners are in arrears at present for property worth €24 billion.

A further 40,000 homeowners are restructured not in arrears to the amount of €7 billion.

Speaking at the Irish Banking Federation National Conference 2012, Ms Muldoon said that dealing with mortgage arrears was a top priority for the Central Bank.

She said the pace of the number of people falling into arrears had slowed but said that the arrears level continues to increase.

She also called on a long-term sustainable solution to the arrears problem, pointing out it was a drag on the economy, new lending and the future profitability of the banks.

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