While there is some improvement in today’s mortgage arrears figures from the Central Bank, there is no getting away from the fact that the most stubborn arrears are still not being faced up to according to Brokers Ireland.

Rachel McGovern, Director of Financial Services at the organisation which represents almost 1,300 members said: “The pretence that arrears capitalisation, a massive 33% of so-called restructured mortgages, is a resolution to mortgage arrears should long ago have been dispensed with.”

“Those in arrears for over 720 days constitute 41% of the numbers of arrears cases but a staggering 90% of the amount of total arrears outstanding, a figure that has changed little over recent years.

“There is still a huge element of extend and pretend going on. These are people who are not being facilitated with solutions, they are in a bind and unable to get on with their lives.”

Ms McGovern said the Central Bank needs to face up to the situation and enable lenders find “real solutions to this terrible dilemma.”