Residential Mortgage Arrears, Restructures and Repossessions


Q3 2018

There be 730,000 Home Mortgages
500,000+ are fully performing and were not rescheduled etc. Maybe they had a bad month here and there but they sorted that out.
115,000 were reworked of which 87% are now compliant with whatever the arrangement is.
65,000 are in arrears of less than 90 days. (some included in the figure ante as the arrangement failed)
28,000 are in arrears of over 720 days, this figure is not really reducing like all the rest.

I would wager that fully 25,000 out of the 28,000 in arrears over 720 days are actually in arrears **over 2000 days ** by now. The forbearance instead of repossession regime started at least 8 years ago if not 9 :slight_smile: … e-arrears/


I’d agree with you. I’d say they left it at 720 days on purpose so as not to highlight those 3, 4, 5+ years in arrears - as this would reflect badly on Central Bank’s inability to get banks to sort those out


Residential Mortgage Arrears, Restructures and Repossessions Q3 2018 figures

(Note 1: BTL figures are discussed separately here … 10&t=50546)
(Note 2: Analysis of Restructured Mortgages can be found here … 19&t=63422)

Report Link … ?sfvrsn=10



Court Proceedings


Where Green = highest since records began and Blue = Lowest since records began


@TheJackal, your excellent BTL data analysis also shows that 720+ days probably mainly means 2000+ days too. :slight_smile:

Combined with the same PPR cohort we have around 40k won’t pays …whether they can pay or not which is a separate discussion. :frowning:

I honestly think that will pays are accounted for in restructures now, we won’t speculate on the gap between will pay something and will fully perform given enough time and money, and luck.


When you lend money to the first citizen of our capital city, you can be assured of repayment in full. Eventually. After numerous court appearances. At least, that’s what the headline seems to say. … 96201.html
I wish someone could translate what the legal eagles told the court

The Mayor’s barrister said

I suppose if you charge in guineas it’s hard to talk about money in crude numbers like headline writers with the Indo. There is clarity on one basic point. The Mayor and his wife had

Their barrister was really earning her fees when she told the court that

I thought the data protection act was, well, protecting our data but it seems to be a prison which locks our data away, even the Lord Mayor can’t share basic facts with a Circuit Court Judge! Who makes these laws that prevent the administration of justice in public, even when the creditworthiness of our highest public representative is at issue?

The bank’s lawyer was equally obscure. She

No one put a figure on the bank’s legal costs but that would be additional to the mortgage arrears of €527,000 and the judge poured cold water on the bank’s hopes for damages

The judge seemed reluctant to drop the case:


De banks and de vultures! … 12872.html


I wonder if their kids are in private schools. I wouldn’t be surprised


No such thing as strategic defaulters in Ireland!
They’ve probably saved close to 300k in rent on a similar property to this over the past 10 years. Not bad


Didn’t pay a bob for 9 years. :smiley: … 15361.html



The latest recipients of the of Canny McSavvy award. Fair dues to them on a number of fronts-

Socking it to those pesky banks
Not having to make any rental or mortgage payments the last few years
Indirectly constraining supply of much needed housing to those who would honour their obligations

I particularly love the line “we’ve never stopped agreeing to sell the house”.

Surley privately educated in the McSavvy school for Canniness where you excel by failing as many exams as possible and can only graduate by managing to get others to pass their exams. The unfortunates who continually pass their exams get expelled after 30 or so years.

I doff my cap.


presumably didn’t pay property tax either - why bother the only reason to do so is so you can sell it.


Welfare for the ‘wealthy’ confirmed now. What a fine corrupt legal and political system we have in modern Ireland. Brass necks on them, they will take their fine time to leave the property by July.


Perhaps the fund who now own the loan figured that the alternative was that they wouldn’t have been able to get possession of the house until the youngest child turned 18 as it seems to be difficult to get a mother with children out of a house in this country if they don’t want to vacate voluntarily. I assume that the fund bought the loan at a substantial discount and are possibly doing ok out of the deal even with those terms.


The funds coming in don’t give a toss. But the taxpayer funded this lifestyle and took the hit. Or will be taking the hit for decades to be more precise.
The Banks who did the original lending became mere conduits and back seat passengers once the taxpayer funds were sunk in. An all pervasive media campaign was then launched to pin it all on ‘de banks’.
Yet presumably the likes of David Hall, Ben Gilroy and the 'strokes’town brigade, along with the laughable Irish yellow vests are perfectly swell with these arrangements. That is what passes for an ‘alternative’.


It does slowly have to drip into more mainstream consciousness why Mortgages cost so much and are so hard to get in Ireland. Economics for slow learners.

Aye Pascal, Overhaul of the courts systems to get properly tough on defaulters, in accordance with the intentions of the law, and international norms around days past due. Clear them out, and get the properties they occupy on to the market to help clear backlog of demand. That’d work. Your welcome


Here is a right Canny McSavvy down in D4. He borrowed €25m and is somehow ‘surprised’ that his house (worth maybe €2m) is on the line for that. :slight_smile: He even held off the receivers for 5 years already.

They have argued that Aberdeen Lodge on Park Avenue, Dublin 4 cannot be seized over a €20m debt from a loan during the boom for a failed hotel project. The family have offered to pay €1.25m in debt secured on the property but they said that Goldman Sachs have refused to deal with them to remedy the situation.

This morning a man and woman arrived at the property to carry out a repossession order on behalf of receiver Paul McCann, of Grant Thornton.

Mr McCann was appointed as a receiver by Kenmare Property Finance, an Irish-based subsidiary of Goldman Sachs.

However, the family this morning refused to leave their home, with Mr Halpin saying the ongoing fight for their home and business as nearly put him in the grave.

What bit of ‘guarantee’ or ‘undertaking’ does this idiot not understand???


They lost in the High Court on legal grounds - the B&B is not protected as a principal private residence but it requires a close reading of the Act.

Now they are “appealing to the Irish public” i.e. contradicting Mr. Justice Denis McDonald regarding his interpretation of the law.
The 25 Million went on a “boutique hotel” which just vanished off the face of the earth :upside_down_face:


Not read links yet, but on this point alone as it’s interesting, it is not unusual for a B&B to be operated out of a PPR.


Reading the article in the Independent above the couple say they have offered to pay €1.25 million against the debt. From what? The proceeds of the property if they sell it?

They’ve already managed to squander €25 million.

These people appear to be deluded beyond belief - have they been on Marian Finucane yet? Would love to hear the texts that will inevitably come pouring in.

When asked why the public should have sympathy for them with the huge figures involved, Mr Halpin (68) stated the €25m borrowed to finance a failed “boutique” hotel was an “unsecured” company loan and should not have been held against their home.

Plenty of history online about Halpin’s various dealings over the years: He was not beyond going after individuals privately - perhaps even in their own homes.

Dublin hotelier Patrick Halpin’s bid to privately prosecute two employees of the Irish Bank Resolution Corporation for alleged deception was motivated by a desire to put them in the dock of a criminal court, the Supreme Court has decided.

“Mr Halpin was not motivated by a genuine desire to invoke the now very limited role of a private individual in the prosecution of criminal offences,” Mr Justice Frank Clarke stated in a reserved judgment.

He was motivated by a desire to secure, by whatever means possible, the attendance of Ms (Mary) Kelly and Mr (Declan) Buckley as accused persons before a criminal court.”


Links working fine for me. Ultimately, the Judge did not rely on the PPR issue - he concluded that:

even on the assumption that Aberdeen Lodge is the principal private residence of Mr Halpin, there is no debt of Mr Halpin secured over that property and it would appear to follow that s. 115A cannot be availed of” i.e. he couldn’t seek court approval of the Personal Insolvency Arrangement (PIA) if it is rejected by his creditors.

Halpin’s problem is that a company called Elektron Holdings which owes debt to the IBRC gave security over Aberdeen Lodge to IBRC. The IBRC sold the loan on to Kenmare (Goldman) which is opposing the Personal Insolvency Arrangement. Halpin’s partner (wife?) is a director of Elektron.

They had four hotels during the boom:

Private hotels, public debts :stuck_out_tongue_winking_eye:

People power worked against Halpin in the past when he tried to extend one hotel. In 1999, the IT could get excited when a property appreciated from 1.2 to 1.5 Million - how quaint, and a long way from 25 Million :nauseated_face:.