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THE GOVERNOR OF the Central Bank of Ireland Patrick Honohan said that “household financial distress is at unprecedented levels in Ireland”.
Speaking at the Central Bank’s conference on distressed property markets, he said it can be seen from “the extraordinary rates of arrears on the servicing even of mortgages secured on owner-occupied homes”.
It has been 16 months since the last economic research conference organised by the Financial Stability Division of the Central Bank on the problem of mortgage indebtedness and mortgage arrears. Since then, Mr Honohan said they have been “ramping up” efforts with the banks in recognition of the fact that they “seemed to be behind the curve in addressing the problem of mortgage arrears on a sustainable basis”.
He added “most borrowers continue to service their loans” and that long-term debt modification would be kept for cases of over-indebtedness involving or bordering on insolvency. To date, the banks have dealt with the emerging situation largely by means of two devices: capitalisation of arrears and a temporary move to an interest-only payment schedule.
On the issue of repossessions, he believes that it might be inevitable for many investment properties but should be avoided for the majority of owner occupier cases where the borrowers are doing their best to repay. “A debt modification that enables them to stay in their home will often be the best solution all around,” he added.
He said that banks will have to act more “ pro-actively” and “liberally” in respect of those who cannot realistically pay, however, the Governor said there would be “consequences for an uncooperative borrower refusing to make a reasonable effort”.
When complications arise from multiple indebtedness, he said “deals with other creditors,” like Credit Unions, will play an essential part of any effective and sustainable mortgage modification.
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Have to say, that is brilliant. Think we all need a light hearted story after the weekends events.
Not Another …. Healy-Rae
Is he small, or is he far away?
Lost all respect for this president when he signed the Irish water into existence and wasted millions of tax payers money. He had the chance to stand up for what the Irish people wanted and did nothing. Caretaker tshock caretaker president.
Walking the dog is all this failed labour politician is good for.
He certainly won’t get my vote next time around but then let’s see what RTE do to get him elected this time round.
Have we not been through this already? He had no power to stop it. He didn’t even have power to slow it down. Get a grip of yourself. Irish Water needed to happen and still does. Charging for water or having it open for takeover aside we needed a unified water authority. This bu||sh\t about giving the authority back to the councils is just that. Cos they did such a good job of it up to now?! Wake the f**k up. The Sinners could promise all they wanted about getting rid of charges cos they knew they’d never get in, the Fáilures have no intention of getting rid of charges just putting them off until they get through a term. The fact of the matter is water infrastructure in this country needs a complete overhaul and no way were the councils able to over see that nor could they afford it. The government can’t either at the moment. Yes it shud be constitutionally protected from privatisation, but irish water is necessary. A national water authority is the only way to go.
The President has an absolute discretion to refer a Bill to the Supreme Court to get a judgement on its constitutionality (but not a Money Bill or a Bill to amend the Constitution). Before making a referral the President must first consult the Council of State. The constitutionality of any Bill signed following a referral may not be subsequently challenged in the courts.
The President, after consultation with the Council of State, may address the Houses of the Oireachtas (parliament) on any matter of national or public importance. The text of any such address must be approved by the Government.
I am not asleep @bazhealy unlike those that think that if we needed to invest in our water infrastructure that Irish water was in any shape or form the correct path to take,
The people of the country have sent a clear message in the election they want rid of Irish water and want water supply to stay in the hands of the state not private interests. That message was made under the basis that Irish water being dissolved was top priority for Fine Fail,
If the authorities failed to look after our water supply correctly it is not the local authorities fault it is the fault of the people we voted in that are at fault. If Irish water is left as it stands attempting to bill the Irish people directly it will be due to the lies of Fine Fail. Irish water is not necessary we already have a state to manage our water supply.
Great photo.. Our President is a proper character..
No, he is a man of character of whom I, for one am proud.
He can be, and is, both Tomás. We have an excellent record, as a people, of choosing the right candidate when we all get the chance. Pity we don’t get a chance to directly vote for Taoiseach and the cabinet.
I’m not disputing, i’m genuinely interested, why are you proud of him?
Imagine that, Only in Ireland!! I’d say he leaves his house unlocked at night.
I love the fact that Mickey D is wearing a full three piece suit out walking the dogs!
There are certain standards required of one so that civilisation can continue. One’s dogs should not be embarrassed at one’s appearance. The Dáil may be gone to the dogs but the dogs have not gone to the Dáil!
If those dogs spotted a cat Michael D would be in serious trouble..
One can’t help but chuckle.. what a great little photo.. lol
Two lovely chihuahuas beside our president
‘The president was caught dogging in the park again Sabina. This time on camera.’
Well fair play to him, are they his dogs or do they belong to the Aras? Lovely picture.
@Anthonyweim, they are family pets
Lovely
Cool.
Michael D obviously entered the spirit of the thing judging by his expression. Hopefully he’ll sit down and write a poem about the experience:
‘Decades ago I was never able….To get excited
About filling the lungs with ozone…..On Salthill Prom.
But cast a Columbus gaze …..Into the distance
Yes that’s me Prez D…..In the photo bomb”
Where’s the wolfhounds?
What a great picture!
A visual metaphor for the openness, equality, friendliness, safety, and freedom of our society in 2016 Ireland.
Not many countries in the world where a barber can bump into a President whilst out walking their dogs.
Long may that be the case!
Fitting that Mr. Callaghan has a Proclamation look about him too given the week that’s in it.
Endless photoshop possibilities with this one.
Guys, it’s a posed photo. Come on.
You hardly expect Michael D to go around photobombing like some sort of an eejit. Of course it posed, that’s what makes it a great photo.The fact that he stopped and probably said Hello to yer man, that he got the dogs to sit (well one of them!), that he is fully suited and booted in his three piece, McGregor style!, standing there with a big smile on his face. Fair play to him, a proper man of the people.
“Lucky photobomb” Don’t make me laugh. It’s clear from everything down to the expression on the barber’s face that this was agreed between he and Michael D that they would pose for a photo. Social media eejitry.
I bet you’re great craic at parties
It’s a nice photo. There are so many countries where something like this would never happen. A photobomb it is not though. Could it be any more posed? Could our president and his dogs be moving any more slowly?
Photobomb: a photograph that has been spoiled by the unexpected appearance of an unintended subject in the camera’s field of view as the picture was taken
Seen that shot 2 days ago…. #Snooze
Seriously? You’re my hero
A lovely man but I doubt he picks up the poo
Is that Winnie then or Peter lol.
Lol
Buzz Kill
Thanks Karol ….
That fence is making the place very secure! You could actually trip across it.
Michael d is to slow and old to photobomb,so a stupid misleading headline. Embarrassing leprechaun
…at least he can spell.
Trust that’s a 1:1 scale
Wow I’ll give you that extra o now. Michael d is a joke, more taxpayers money wasted on this pointless position.
We should all bow down to your superior knowledge and let you write our constitution.
We’ll hold a referendum of course to make it look like a democracy, but we’ll all vote the way you want us to.
All hail the new leader…..
Shure woulda leave the man alone, shure isn’t he leading a dogs life.
who give’s a…?
The dogs probably………
It’s not a photobomb. A photobomb would be if the guy was having his picture taken in front of the Áras and, unbeknown to him, the President walked into the shot.
Fcuking w@nker!
Indeed you are, good sir
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