Earlier this week I met with the Senior Management at the main mortgage lenders where the Central Bank set out very clearly to them our expectations of them. Today I am taking this opportunity to communicate our position publically. The vast majority of Irish borrowers are meeting their commitments on their mortgages and other debt, despite the more difficult economic circumstances.
But it is clear too that the sharp increase in unemployment, against a background of the heavy indebtedness built up in previous years, has led to an exceptional increase in the number of households who have missed payments on their mortgages.