What Information Do Mortgage Arrears And Arrears Tell You About Their Future?

Transcription

1 Mortgage restructures data for principal dwelling houses Dataset for 6 main lenders covered by the Central Bank of Ireland Mortgage Arrears Resolution Targets 2013 data set November 2013

2 RESIDENTIAL MORTGAGE ARREARS AND RESTRUCTURES MONTHLY DATA 2013 The information below represents mortgage restructures and arrears to the end of 2013 for principal dwelling houses (PDH) for the 6 main banks which are part of the Central Bank s Mortgage Arrears Resolution Targets. These lenders represent 90% of the market. The data has not gone through the lenders quality control process and is unaudited. Please bear in mind this is an early series of data when undertaking any major trend analysis. Key highlights Engagement between consumers and lenders has already led to 45,177 permanent mortgage restructures. mortgage accounts in arrears (all arrears from 1 day past due) has fallen by 2,316 accounts. The number of mortgage accounts in arrears of greater than 90 days has fallen from 82,624 to 81,156, a drop of 1,468 accounts. The total number of permanent restructures has increased by 3,900 accounts. Houses 35% 65% Mortgage accounts under MART 698,809 number of housing units in Ireland* 1,994,845 Mortgages 83% 5.3% 11.7% Mortgages In Arrears c <90 days 37,282 c >90 days 81,156 Mortgages 698,809 c Mortgages not In Arrears 580,371 c Mortgages in Arrears 118,438 Mortgages in Arrears >90 days: Proportion of restructures 18,514 (23%) Restructured 62,642 (77%) Not Restructured Mortgage Restructures: Permanent Mortgage Restructures: Temporary 10% 8% 33% 9% 9% 18% 29% 53% 27% 4% Term extension 14,914 Interest only (for a period) 14,999 Interest only (for a period) 1,591 Fixed repayments> interest only 8,112 Arrears capitalisation Fixed repayments> interest only Hybrid mortgage/other Split mortgage 12,327 8,358 4,299 3,688 Fixed repayments < interest only Payment moratorium Hybrid mortgage /Other Deferred interest scheme 2,617 2, * CSO census 2011

3 Mortgage Arrears and Restructures Background The Department of Finance has requested the 6 main banks operating in Ireland AIB, Bank of Ireland, PTSB, ACC, KBC Ireland & Ulster Bank to provide data on the restructure situation in relation to all PDH mortgages, both in arrears and not in arrears, in their bank on a monthly basis. This information differs from the Central Bank data as it relates to data from the 6 main banks only, who are part of the Central Bank s Mortgage Arrears Resolution Targets (MART). These lenders represent 90% of the market. The data has not gone through the lenders quality control process and is unaudited. However, given the importance of this issue and the demand for high quality and timely data on mortgage arrears, the Department of Finance has decided to publish this data each month. New monthly data set The information below represents mortgage restructures and arrears as at the end of 2013 for principal dwelling houses (PDH). Summary of Mortgages mortgage accounts 699, ,809 mortgage accounts in arrears (all arrears from 1 day past due) 120, ,438 mortgage accounts not in arrears 579, ,371 Mortgages in Arrears mortgage accounts 699, ,809 mortgage accounts in arrears greater than 90 days 82,624 81,156 mortgage accounts in arrears of 90 days or less 38,130 37,282 Mortgages in arrears greater than 90 days past due: Restructures Restructures greater than 90 days in arrears 20,414 18,513

4 Permanent Restructures greater than 90 days in arrears 11,096 11,516 Temporary Restructures greater than 90 days in arrears 9,318 6,997 In arrears greater than 90 days not in restructure 62,210 62,643 Mortgage Restructures: Permanent Term Extension 14,230 14,914 Interest Only (for a period) 3,319** 1,591 Arrears Capitalisation 11,996** 12,327 Fixed Repayments greater than Interest only / Interest modifications 5,832 8,358 Split Mortgage 2,521 3,688 Hybrid (Combination of treatments) / Other 3,331** 4,299 Arrears repayment plan ,236 45,177 Mortgage Restructures: Temporary Interest Only 13,172 14,999 Fixed Repayments greater than Interest only 11,121 8,112 Fixed Repayments less than Interest Only 2,492 2,617 Payment Moratorium 1,567 2,497 Deferred Interest Scheme Hybrid / Other 1, ,850 28,365 ** Some August data revised due to reclassification. overall figures remain as published.

5 Future dates for publication of statistics Please see below the future dates for publication of these monthly statistics. Monthly data Date of publication October Thursday 12 December 2013 November Thursday 9 January 2014 December Thursday 13 February 2014 January & annual review Thursday 13 March 2014