The Financial Regulator today published data on Irish mortgage arrears and repossessions for the period ended December 2009 and revised data for the period ended September 2009. The figures show that as at end December 2009 there were almost 793,000 private residential mortgage accounts in Ireland to a value of €118.3 billion. Of these 3.6% were in arrears for more than 90 days or  28,603 mortgage accounts  - - 19,185 were in arrears for more than 6 months. The figures also show that overall mortgage debt for private residential mortgages decreased by €306 million in the last quarter of 2009. The average owed by each household is about €149,500.

1. Arrears Data: As at end December 2009, 28,603 mortgage accounts, or 3.6%, were in arrears for more than 90 days of which 19,185, or 2.4% of the total, were more than 180 days in arrears. By value €5.33 billion was owed in relation to all accounts more than 90 days in arrears of which €3.6 billion was owed for accounts more than 180 days in arrears. Mortgage accounts in arrears for more than 90 days increased by 8.9% since the end of September 2009 and mortgage accounts in arrears for more than 180 days increased by 8%.

There were just over 5,000 formal demands outstanding which have been issued by mortgage lenders representing an increase of 12.6% since the end of September 2009. In these cases the level of arrears amounted to €69.4 million on outstanding mortgages totalling €1.1 billion. In addition there were just over 3,200 cases at end December 2009 where court proceedings had been issued to enforce the debt/security on the mortgage, compared with about 3,300 cases at the end of September 2009. Here the level of arrears amounted to €88.2 million on outstanding mortgages of €677 million.

2. Court Proceedings: During the quarter ended December 2009, mortgage lenders applied to Court to commence proceedings to enforce the debt/security in 233 cases. In these cases arrears totalling €10.2 million had built up on mortgage loans totalling €68.8 million. During the quarter 375 enforcement proceedings were concluded. This is an increase of 63% compared with cases concluded during the quarter ended September 2009. In 152 cases the Courts granted repossession orders which included 17 properties that were voluntarily surrendered and 11 that were abandoned. In the remaining 223 cases, 180 were settled either by renegotiating the term and/or other conditions of the mortgage. The remainder of these cases were concluded by voluntary surrender, abandonment or on other terms.

3. Repossessions: At the beginning of the quarter mortgage lenders held a stock of 331 repossessed residential properties. A further 27 were repossessed during the quarter on foot of Court Orders and 74 were repossessed following voluntary surrender or abandonment while 35 properties were disposed of during the quarter. This left mortgage lenders with almost 400 repossessed residential properties at the end of December 2009 which is a 20% increase on the end of September 2009 figures.