1. Central Bank of Ireland publishes Dear CEO Letter on its
Thematic Review on Early Mortgage Arrears
On 24 April 2024, the Central Bank of Ireland
("Central Bank") published a Dear CEO Letter on its
Thematic Review on Early Mortgage Arrears
("Letter"). The Central Bank had carried
out the Thematic Review on Early Mortgage Arrears
("Review") across 7 mortgage lenders
including retail banks, retail credit firms and credit servicing
firms which represented 90% of all private dwelling house mortgage
arrears accounts in H2 of 2023.
The Review took place to coincide with the expected stress of
borrowers' finances due to the rising cost of living and
interest rates. However, as evidenced in the Central Bank's
recent Statistics,
while there is an upward trajectory in the level of early mortgage
arrears, the increases seen to date are not yet significant.
