Banks threaten to increase repossessions as Irish mortgage crisis deepens
Details have emerged in recent weeks of the full scale of the debt crisis confronting households in Ireland. The large quantity of mortgage debt, which totals €17 billion for owner-occupied properties alone in a country of just 4.5 million people, equating to €3,777 per person, is creating concerns about the potential for a renewed financial collapse. A report from the Central Bank of Ireland stated that over 140,000 households were in some form of mortgage arrears. Including the buy-to-let market, the total outstanding debt stood at €25 billion. The report showed that more than 23,000 households had been in debt for at least two years and that the total overdue payments were at least €3 billion. Some 11.5 percent of households were in arrears by more than 90 days.