Mortgage Arrears in Ireland: Introducing the Enhanced Quarterly Statistics

This article introduces the recently expanded Residential Mortgage Arrears and Repossessions Statistics published by the Central Bank of Ireland. An overview of developments regarding mortgage arrears since 2009 is provided, and the motivation for expanding the data is outlined. New features of the data, such as the detailed breakdown of longer-term arrears, the performance of restructured accounts, and flows data on restructuring activity, are discussed in detail. The expanded statistics address a number of data gaps and deliver further insights into the trends in arrears formation, and the movement of mortgages through to the more advanced stages of arrears. New data relating to restructured mortgages provide a more detailed analysis of the quantity and nature of restructuring activity taking place on a quarterly basis. They also provide an insight into the level of compliance by borrowers with the terms of their restructure arrangement, or the extent to which they are ‘re-defaulting’.