Mortgage modifications were key to cutting Irish NPLs
Scale of modifications larger than previously thought, research finds
Modifications made by Irish lenders to non-performing loans for residential dwellings have played a key role in reducing the NPL problem, according to research from the country’s central bank.
The Central Bank of Ireland has released three pieces of detailed research on NPLs in Ireland’s mortgage market, authored by economist Fergal McCann. Ireland experienced a major housing boom during the early years of this century, followed by a severe bust. Mean house prices in Ireland fell by 35% from
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