IBF Statement on Final Report of the Interdepartmental Group on Mortgage Arrears

The Irish Banking Federation (IBF) welcomes the publication today of the report and recommendations of the Interdepartmental Group on Mortgage Arrears.

While existing forbearance measures continue to provide critical support for many borrowers – as reflected in the 70,000 restructured mortgage accounts and the low level of repossessions – IBF acknowledges that further measures will be necessary for borrowers whose situation has become unsustainable.  As the report confirms, forbearance is a very useful and appropriate solution for distressed borrowers in many cases.  However it is not necessarily the solution in all situations.

IBF will engage constructively with the Government and the authorities on the recommendations of the Interdepartmental Group and member institutions will continue to work actively with distressed borrowers in determining appropriate solutions on a case-by-case basis.

IBF supports moves to reform the legislative framework on personal insolvency and bankruptcy and will work constructively with the Department of Justice, the Central Bank and other stakeholders on the development of that framework.

IBF continues to stress that those borrowers who are facing difficulties in making their mortgage repayments should contact their lender at the earliest opportunity and provide the information required.

Note to Journalists

The Irish Banking Federation (IBF) is the leading representative body for the banking and financial services sector in Ireland, representing some 80 member institutions and associates, including licensed domestic and foreign banks and institutions operating in the financial marketplace here.