Arrears over 90 days fall from 99,000 at peak to 59,000 today

[Brendan Burgess]

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Arrears over 90 days
30 Sept 2013: 99,189 (12.9% of borrowers)
30 March 2016: 59,696 (8% of borrowers)

Summary

• The number of mortgage accounts for principal dwelling houses (PDH) in arrears continued to fall in Q1 2016; this marks the eleventh consecutive quarter of decline. A total of 85,989 (11 per cent) of accounts were in arrears at end-Q1, a decline of 2.6 per cent relative to Q4 2015.
• The number of accounts in arrears over 90 days at end-March was 59,696 (8 per cent of total), reflecting a quarter-on-quarter decline of 3.6 per cent. This represents the tenth consecutive decline in the number of PDH accounts in arrears over 90 days.
• All maturity categories of arrears, including the over 720 days’ category, declined in Q1 2016. This category recorded a third consecutive decline, having fallen for the first time in Q3 2015.
• Some 120,447 PDH mortgage accounts were classified as restructured at end-March. Of these restructured accounts, 87 per cent were deemed to be meeting the terms of their current restructure arrangement; the highest level since the series began. The largest increases in restructures were recorded in the categories of arrears capitalisation and permanent split mortgages.
• Buy-to-let (BTL) mortgage accounts in arrears over 90 days decreased by 3.5 per cent during the first quarter of 2016. At end-March there were 14,924 BTL accounts in arrears over 720 days, with an outstanding balance of €4.4 billion, equivalent to 17 per cent of the total outstanding balance on all BTL mortgage accounts.
• There has been a decrease of 4.8 per cent in the number of BTL accounts where a rent receiver was appointed, following an increase of 30.5 per cent in the previous quarter.
• Non-bank entities now hold 47,409 mortgage accounts for PDH and BTL combined. Of this number, 19,081 were in arrears of more than 90 days, with 13,013 of these in arrears over 720 days at end-March. The equivalent figures for PDH mortgage accounts were 14,443 accounts in arrears over 90 days, and 9,356 in arrears of more than 720 days.