The Keane Report on Residential Mortgage Arrears – Summary 

The Report of the Inter-Departmental group on (residential) Mortgage Arrears,chaired by Declan Keane,has been published.

  • The Report rules out the introduction of any scheme involving blanket debt forgiveness. Estimates of cost for such a scheme are given as €14bn with 50% of residential mortgage arrears domiciled in non covered banks
  • The group has recommended the introduction of a ‘MABS 2′(it would operate on a standalone basis and be funded by the covered banks),which would be staffed by 100 debt advisors with a financial,legal or accounting background.
  • The group have also recommended the introduction of two mortgage-to-rent schemes.The introduction of a three-tiered approach to debt settlement is recommended.This involves a revised judicial process for bankruptcy discharge,a non-judicial debt resolution process, and the introduction of Debt Relief orders.

The Keane Report in Full

The Finance Minister Michael Noonan defended the recommendations and said the measures could help boost house price “The primary principle is that people continue to live in their own homes. And the second issue is there must be a clear distinction made between those who can’t pay and those who won’t pay.” 

Mr Noonan conceded the measures — while removing the burden of debt from borrowers — would see thousands of people having to give up ownership of their homes. Up to 45,000 mortgage holders are in arrears of over 90 days and the Keane group expects this to ris The report states that any resolution scheme introduced will be implemented on a case-by-case basis.

Irish Home Owners United has been founded, which will meet legal group New Beginning and the Defend Our Homes alliance later this week. 

Irish Homeowners United can be contacted through Facebook at