Apart from the anomaly where repayment mortgages are changed to IO when stress arises …and are not shown in arrears…the position looks quite OK really except that I believe that arrears and negative equity are linked and that there is no way to retrieve much of the principal amounts.
financialregulator.ie/press- … 202009.pdf
RESIDENTIAL MORTGAGE ARREARS AND REPOSSESSIONS STATISTICS
Quarter Ended December 2009**
Mortgages Balance ( Average €149,500 and €118Bn on the books)
Of which the arrears cases amount to €5.2Bn out of the €118Bn
Total mortgage arrears cases outstanding – at end of quarter
- In arrears 91 to 180 days 9,418 1,745,326
- In arrears over 180 days 19,185 3,588,718
But if you look at the aggregate of the arrears it is nothing like the mortgage amounts themselves €0.4m is overdue on €5.2bn of headline debt.
- In arrears 91 to 180 days 9,418 1,745,326 52,856 Outstanding
- In arrears over 180 days 19,185 3,588,718 361,367 Outstanding
The data was first published a quarter back . Lets compare with the SEPTEMBER quarter to see the trend. Back then €4.8Bn of the book was impaired as against €5.2Bn now with €.0.35bn in outstanding payments.
- In arrears 91 to 180 days 8.504 1,589,274 47,684 Outstanding
- In arrears over 180 days 17,767 3,238,395 306,730 Outstanding