Ireland adopts new measures to help mortgage holders in arrears

Ireland said on Thursday it has agreed a number of new measures to support mortgage holders who are in arrears.

The measures aim to increase the supports available to people in arrears and to increase the numbers of people availing of them, it said.

In a major reform of the personal insolvency framework, the Irish government has agreed to give courts the power to review and, where appropriate, to approve insolvency deals that have been rejected by banks.

The government will legislate to give effect to this change before the summer recess. This is expected to see more cases processed to a successful outcome through the personal insolvency framework.

The process seeks to ensure that fair and sustainable deals are upheld for struggling borrowers willing to work their way out of difficulties with a view to keeping their family home, according to the government.

Court rules and procedures will also be streamlined to guide more cases towards the insolvency service, building on existing measures to allow cases to be adjourned so that a defendant can engage with a personal insolvency practitioner, and to assist people who are unfamiliar with court rules and proceedings, the government said. Endit