According to the report of the Mortgage Arrears Review Group, published today, the number of Irish mortgage accounts in long-term arrears has continued to decline from 18 per cent of total mortgage accounts in 2013 to 6.7 per cent this year.

Finance minister Jack Chambers is to establish a Mortgage Arrears Forum to take forward the co-ordination and implementation of the recommended reforms to the mortgage arrears resolution framework.

Mr Chambers said: “I welcome the report of the Mortgage Arrears Review Group as a valuable assessment of the State’s response to resolving mortgage arrears.

“The dramatic shift in the interest rate cycle since July 2022 has had an impact on many borrowers. The report is a timely intervention and recommends appropriate reforms to assist mortgage borrowers who are experiencing distress.

“It is fortunate that Ireland has a robust consumer protection framework in place and I urge any borrowers in or facing arrears to engage with their lender in the first instance.

“Under the Abhaile service, the Money Advice and Budgeting Service as well as personal insolvency practitioners can also arrange free expert and impartial advice to borrowers in mortgage arrears to help them find a solution that keeps them in their home.”

Justice minister Helen McEntee said: “The Abhaile service, which is jointly coordinated by the Department of Justice and the Department of Social Protection, is acknowledged in this report as having a positive impact. Solutions available under the personal insolvency framework offer valuable options to people in mortgage arrears.

“I encourage anyone in arrears to visit backontrack.ie to explore those options and avail of the support available. I welcome the recommendations in the report which will further enhance the accessibility of those options for people who need them.”