The data show that as at end September 2009 there were 791,634 private residential mortgage accounts to a value of E118.6 billion. As at the end of September 2009, there were 4,565 formal demands outstanding which had previously been issued by mortgage lenders. In these cases the level of arrears amounted to E57.8 million on outstanding mortgages totalling E957.5 million. This excludes 3,617 cases where court proceedings had been issued to enforce the debt/security on the mortgage. Here, the level of arrears amounted to E84.2 million on outstanding mortgages of E699.5 million.

 

The financial Regulator's report also found that mortgage lenders applied to Court to commence proceedings to enforce the debt/security in 491 cases. In these cases arrears totalling E10 million had built up on mortgage loans totalling E118.4 million. During the quarter 218 enforcement proceedings were concluded. In 79 cases the Courts granted repossession orders which included 6 properties that were voluntarily surrendered and 2 that were abandoned. In the remaining 139 cases, 28 properties were voluntarily surrendered, 10 were concluded by abandonment while 101 were settled either by renegotiating the mortgage or on other terms. At the beginning of the quarter mortgage lenders held a stock of 243 repossessed residential properties. A further 31 were repossessed during the quarter on foot of a Court Order and 79 were repossessed following voluntary surrender or abandonment while 22 properties were disposed of during the quarter. This left mortgage lenders with 331 repossessed

residential properties at the end of September 2009.