Around 1 in 5 residential mortgages in Ireland is currently in a delinquent state.
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According to the Central Bank, up to half of mortgage holders are in negative equity.
This makes the mortgage arrears crisis one of the most profound across the OECD.
In a new paper on the issue the Bank says many of the borrowers in a distressed state are actually in employment – although many are on temporary contracts and some have experienced a significant drop in income.
The bank says that in order to tackle the mortgage arrears crisis overall job security and labour market conditions must be tackled.
