ARTICLE · 01 APRIL 2021

NPL Update

Arthur Cox

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Non-performing loans (NPLs) and, in particular, the potential impact of the COVID-19 pandemic on levels of residential mortgage arrears remains a high priority for the Central Bank of Ireland (CBI).

IrelandFinance and Banking

Darragh Geraghty

Sinead Cantillon

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Non-performing loans (NPLs) and, in particular, the potential impact of the COVID-19 pandemic on levels of residential mortgage arrears remains a high priority for the Central Bank of Ireland (CBI). The CBI regularly highlights its expectation that regulated lenders and borrowers will engage effectively with one another to achieve sustainable solutions, and regulated lenders can continue to expect intrusive engagement to ensure that the CBI's expectations are met.

In this NPL Update, we analyse the Irish NPL landscape following the end of the industry-wide payment breaks, current arrears levels for primary dwelling-house (PDH) accounts and buy-to-let (BTL) accounts, the most common forms of alternative payment arrangement, the CBI's plans regarding its Code of Conduct on Mortgage Arrears (CCMA) and the key pillars of the European Commission's December 2020 NPL Action Plan.

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This article contains a general summary of developments and is not a complete or definitive statement of the law. Specific legal advice should be obtained where appropriate.

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