Today the Central Bank announced new regulations in the Irish residential mortgage market.
More than fifty percent of Ireland’s credit unions are currently subject to loan restrictions.
The Irish Central Bank’s quarterly Bank Lending Survey has shown an increase in demand for home loans in Ireland.
Lending to Irish households has seen a major decline, as statistics have shown with regards to the October just passed.
Next month new bankruptcy legislation will is due to be passed by the Irish parliament. The hugely important new bill looks set drag Ireland’s laws insolvency kicking and screaming into the 21st century, creating a vital escape route for struggling debtors.
AIB has announced they are currently approving 7 in 10 new mortgage loan applications.
Following intense pressure from both The Central Bank and the Government, the banking sector in Ireland is finally putting strategies in place to deal with the thousands of customers who are in severe difficulties with their mortgage repayments.
Figures this week show Dublin householders are leaving council properties in droves. With more and more borrowers struggling to meet council mortgages and choosing instead to make interest-only repayments, 41 more householders are handing back their keys to the Council.
Many of Ireland’s insolvency laws have been in effect for over 100 years, but all that is now coming to a close.