2014-04-22 - Socio Economic Review 2014 - Full text and cover - FINAL

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and transactions completed for 466 units. 384 of these units relates to units within Unfinished Housing Developments’ (Department of Environment, Community and Local Government, 2013:12). While these options have the potential to provide a number of housing units for social housing purposes it also must be acknowledged that this flow of houses will be limited in terms of the scale of social housing need. Therefore it is important that Government begin to plan for social housing need into the future, identifying ways in which this can be met. Mortgage arrears A further problem relating to housing in Ireland is the ongoing issue of mortgage arrears. Central Bank figures (table 7.5) reveal the scale of this difficulty and also the level to which it has grown over the period from June 2012 to September 2013. The total number of mortgage arrears has been increasing steadily. At end-September 2013, there were 768,136 private residential mortgage accounts for principal dwellings held in the Republic of Ireland. Of these 99,189 or 12.9 per cent, were in arrears of more than 90 days. This compares to 81,035 accounts (10.6 per cent of total) that were in arrears of more than 90 days at end of June 2012 or 91,358 arrears cases 29 (11.5 per cent of total) at end of September 2012. At end of September 2013 there were a further 42,331 mortgages in arrears of less than 90 days, a slight fall off from 50,031 in the previous September. In total there were 141,520 mortgages in arrears of some form at end of September 2013. This amounts to almost 18.5 per cent of the total residential mortgage loans at that time. These figures highlight the scale of this issue and the necessity to implement long term sustainable solutions. With regard to this, the report of the Inter-Departmental Mortgage Arrears Working Group (2011) (The Keane Report) made a range of recommendations, including, the need for new bankruptcy legislation, non-judicial debt settlement options and further mortgage restructuring solutions. The report also recommended the establishment of mortgage-to-rent schemes. Such schemes would allow certain struggling mortgage holders to remain in the family home as social housing tenants. 55 The figures published are the total stock of mortgage accounts in arrears of more than 90 days, as reported to the Central Bank of Ireland. They include mortgages that have been restructured and are still in arrears of more than 90 days as well as mortgages in arrears of more than 90 days that have not been restructured (Central Bank, 2012) . 7. Housing and Accommodation 147
Table 7.5 - Mortgage Arrears Jun-12 Sep-12 Jun-13 Sep-13 outstanding: Total residential mortgage loan accounts outstanding 765,267 794,275 770,610 768,136 Total mortgage arrears cases outstanding 128,197 141,389 142,892 141,520 In arrears up to 90 days 47,162 50,031 45,018 42,331 In arrears 91 to 180 days 18,764 19,814 17,612 16,680 In arrears over 180 days 62,271 71,544 80,262 82,509 Total arrears cases over 90 days outstanding 81,035 91,358 97,874 99,189 % of accounts in arrears for more than 10.6% 11.5% 12.7% 12.9% 90 days Repossessions: Residential properties in 944 944 1,001 1,050 possession Restructured Mortgages: Total outstanding 84,941 81,634 79,357 80,555 classified as restructured of which are not in arrears 40,221 43,600 42,309 43,034 Source: Central Bank (2013) Since then, several responses to this issue have occurred, among them the revised Code of Conduct on Mortgage Arrears (CCMA), which came into effect from July 2013, setting out the framework which must be utilised by lenders when dealing with borrowers in or at risk of falling into arrears. Under the CCMA the lenders must operate within a revised Mortgage Arrears Resolution Process (MARP), which has four steps, communication, financial information, assessment and resolution. The Central Bank has also set targets for the main banks whereby they must propose sustainable mortgage solutions for a specific number of mortgages by specific dates; at the last review these targets were being met. However, the Central Bank did indicate that some issues in regard to the long term sustainability of solutions being offered remained to be addressed, for instance, short term loan modifications being offered in instances where there was no tangible evidence of the borrower’s circumstances changing (Central Bank, 2013). This needs continued monitoring. The Personal Insolvency Act 2012 introduced new debt resolution processes and the Insolvency Service of Ireland has been established under this act. This service is only in operation a short time and its effectiveness remains to be analysed. 148 Socio-Economic Review 2014
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S O C I O - E C O N O M I C R E V I
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TABLE OF CONTENTS 1. Introduction 7
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There are four key steps for such a
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• The first is macroeconomic stab
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In this chapter we will chart the b
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(O’Connor et. al., 2012: 69). The
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What are the reasons for the emerge
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produce greater and more lasting pr
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esembles the German tradition of or
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market, became the first country to
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the European Stability Mechanism (E
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Chart 2.11 Comparison of 10-year Go
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pressing concerns surrounding the l
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2.1.3 The Troika programme, 2010-20
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Table 2.6 - Poverty and Deprivation
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a reduction in total expenditure (i
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Table 2.7 - A policy framework for
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Chart 2.13 - Maturity Dates of Iris
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These figures are from an extremely
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A key part of Ireland’s industria
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Employment has finally begun to ris
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is becoming ever more urgent for Ir
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c) New Indicators Creating a sustai
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analysed in this section, indicates
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weekly income level will be counted
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Table 3.3: The numbers of people be
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Table 3.5 looks at adults only and
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This reflected the rise in unemploy
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2001. These are the years that the
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Table 3.11: Levels of deprivation f
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Moving to persistent poverty Social
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Chart 3.1: Percentage difference in
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the years to come (Mallon and Healy
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Chart 3.3: Ireland’s Income Distr
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Table 3.15: The distribution of hou
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Table 3.17: Gini coefficient measur
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Individualising social welfare paym
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for every euro earned the person wi
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• Provide substantial new measure
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Table 4.1: The changing nature of I
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Looking to the years immediately ah
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may be some return from a number of
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Taxation and competitiveness Anothe
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Reforming and broadening the tax ba
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Analysis of High Income Individuals
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with little benefit in terms of job
Page 97 and 98: Results from Census 2011 indicated
Page 99 and 100: • The major components of these a
Page 101 and 102: Standard rating discretionary tax e
Page 103 and 104: Although all of the income taxation
Page 105 and 106: demonstrates the equity attached to
Page 107 and 108: • Would incentivise employment ov
Page 109 and 110: this complexity vary but they are f
Page 111 and 112: S O C I O - E C O N O M I C R E V I
Page 113 and 114: This transformation in the labour m
Page 115 and 116: Table 5.3: Unemployment in Ireland,
Page 117 and 118: Previous experiences, in Ireland an
Page 119 and 120: The Live Register While the live re
Page 121 and 122: Even the most optimistic economic a
Page 123 and 124: The need to recognise voluntary wor
Page 125 and 126: - Ensure that the social welfare sy
Page 127 and 128: increasing taxation in Ireland has
Page 129 and 130: library services Libraries play an
Page 131 and 132: cent in households in the bottom 20
Page 133 and 134: the supply of these services. Socia
Page 135 and 136: Sports A report carried out by Inde
Page 137 and 138: developments. Complex regulation al
Page 139 and 140: Housing: a New philosophy Given the
Page 141 and 142: subsequent failure to implement a s
Page 143 and 144: Table 7.2- Population and housing s
Page 145 and 146: Social Justice Ireland believes tha
Page 147: or green areas and are located a go
Page 151 and 152: country. The most recent assessment
Page 153 and 154: (25 per cent) of households, with t
Page 155 and 156: Table 7.8 Percentage distribution o
Page 157 and 158: esulting in this mechanism becoming
Page 159 and 160: 2013 nearly 2000 units were leased
Page 161 and 162: Social Justice Ireland has also pre
Page 163 and 164: Housing and children Factors which
Page 165 and 166: • Government should also meet com
Page 167 and 168: poverty and Health Health is not ju
Page 169 and 170: life expectancy According to Eurost
Page 171 and 172: Health stating that it will not be
Page 173 and 174: Table 8.2 - EU 27 Expenditure on He
Page 175 and 176: Figure 8.1 - Expenditure on health
Page 177 and 178: older people’s services Although
Page 179 and 180: people in their own homes/communiti
Page 181 and 182: Children and family services There
Page 183 and 184: catchment areas and community menta
Page 185 and 186: The sustained high level of suicide
Page 187 and 188: • Continue to facilitate and fund
Page 189 and 190: Education in Ireland - the numbers
Page 191 and 192: with significant increases projecte
Page 193 and 194: for both individuals and the state
Page 195 and 196: cause of considerable concern for p
Page 197 and 198: Department has transferred responsi
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minimum of 30 per cent of all enrol
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costs, repaying such borrowing when
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communities. Census 2011 showed tha
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Refugees and Asylum Seekers Until r
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Social Justice Ireland proposes tha
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This emigration ‘brain drain’,
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Backbenchers have little control ov
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economic, social and community deve
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over many years by Government. In r
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seen as the key to resolving many a
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Ireland. The common good must be at
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downplay as externalities. Shadow n
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All areas of governance, from inter
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the failure by governments to imple
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natural resources is required to en
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climate policy across all Governmen
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economy. Capital investment will be
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environmental taxation. Eco-taxes,
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Rural and Regional Development The
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away from a focus dominated by agri
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Rural development and the challenge
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public services and rural transport
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to oversee six pilot programmes to
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Table 13.1: Distribution of Family
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Key policy priorities on Rural Deve
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addressed urgently as part of the C
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leaders promised to work together t
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In order to ensure good governance,
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• Sustainability should be the co
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vision of zero new HIV infections,
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as sufficient to ensure that everyo
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achieve his or her potential only i
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they live with sufficient income su
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Child benefit remains a key route t
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poverty by region and area Recent S
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the home due to a combination of th
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These results, which complement ear
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transition from boom to recession o
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until Budget 2005. At its first opp
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Table A4.1: Total tax revenue as a
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Effective tax rates To complement t
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Income taxation and the income dist
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Chart A4.3: VAT and excise duties a
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figure increased by almost one mill
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A7.4 Net Household Need 1993-2013 y
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Transport • Ireland’s car densi
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land use • In 2010, 10.7% of Irel
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goal 6: Combat HIv/AIDS, malaria an
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Browne, M. (2007) The Right Living
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Central Statistics Office (2006) In
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Daft (2013) Daft.ie rental report 2
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Department of Environment, Communit
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Department of Health (2012) Annual
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Environmental Protection Agency (20
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Eurostat (2013) Internet access and
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Healy, S and Reynolds, B. (2003)
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International Monetary Fund (2012)
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National Anti-Poverty Strategy (199
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Perkins, R., G. Sheil, B. Merriman,
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United Nations Programme on HIV/AID
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There is an extraordinary reluctanc
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2014-04-22 - Socio Economic Review 2014 - Full text and cover - FINAL

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