The Central Bank of Ireland today announced that
it is to undertake a survey based on a sample of 2,000 Irish households with
mortgage debt. The purpose of this survey is to identify any changes in the
income and consumption patterns of mortgage holders since they drew down their
Governor Patrick Honohan said "this survey is
needed for the Central Bank to understand better the circumstances faced by
indebted Irish households in order to scale and target policies more
effectively. It is important to note that all information provided by individual
survey participants will be treated confidentially. Information on borrowers
will not be shared with financial institutions and the Central Bank will not
have access to borrower contact details."
The results from the research will be used to
supplement data collected as part of the Central Bank’s Financial Measures
Programme and to conduct economic research on the likely developments in the
Irish mortgage market. The bank said this survey represents one element of the
strategic approach taken on the issue of mortgage arrears, which is a top
priority for the Central Bank. The information gathered through this research is
vital to understanding the challenges faced by mortgage-holders and will enable
the Central Bank to participate in a meaningful way in wider discussions and
policy developments on this issue.
Ipsos MRBI will carry out this survey on behalf
of the Central Bank. Mortgage holders have been randomly selected and will be
contacted by letter in advance of this survey which will be a face-to-face
interview with Ipsos MRBI staff in the participant’s own home.
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