Below is a statement from the Irish Bankers Federation regarding today’s arrears figures.
Continuing slowdown in growth of arrears is welcome, says IBF
The Irish Banking Federation (IBF) notes that the latest Central Bank statistics on mortgage arrears confirm a continuing slowdown in the rate of growth in arrears. While the total number of private residential mortgages in arrears has increased, as had been expected, this further slowing of growth in arrears is particularly welcome.
As the following statistics and graphs show, the slowdown in the growth in arrears is evident across different stages of arrears:
·a decline in the number of early stage arrears of less than 90 days – a quarter-on-quarter decline of 1.3%
· a further slowing in the pace of increase in arrears over 90 days – the slowest quarter-on-quarter rate of increase since Sept’09
· a further slowing in the pace of increase in arrears over 180 days
The decline in early-stage arrears (less than 90 days) is particularly significant as it confirms that fewer customers are falling into arrears.
At the same time, the …