The Republic’s “very high” level of restructured mortgages where holders stick to the new terms on their loans is helped by the fact that they face face steeper monthly costs in rent if they lose their homes, according to a US credit ratings agency.
Kroll Bond Rating Agency (KBRA) highlighted in a new report that an average of more than 86 per cent of owner-occupier mortgages in the Republic whose loans were restructured, as they ran into financial trouble after the crash, have continued to meet their new terms since 2015.
The rate stood at 87 per cent in March, according to the latest Central Bank figures. KBRA analysts Gordon Kerr said he believes that is “on the higher end” of the experience of banks across Europe.
KBRA looked at four loan portfolios largely comprised of restructured loans meeting their revised terms that had been refinanced on bond markets this
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