{
  "title": "Ireland: Financial Sector Assessment Program-Technical Note on Insolvency and Creditor Rights",
  "publication": "IMF Staff Country Reports, July 27, 2022",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2022/07/25/ireland-financial-sector-assessment-program-technical-note-on-insolvency-and-creditor-rights-521264",
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  "summary": "This note analyzes select aspects of the system for insolvency and creditors’ rights in the context of an overall assessment of the Irish financial sector.",
  "sections": [
    {
      "heading": "Overview",
      "content": "- Focus: analysis of select aspects of the system for insolvency and creditors’ rights in the context of an overall assessment of the Irish financial sector.\n- Two primary areas examined:\n  - (1) the use and effectiveness of the corporate restructuring regime\n  - (2) the resolution of mortgage related nonperforming loan NPLs\n- Central concern: long-term mortgage arrears are largely a legacy issue from the 2008 crisis but unresolved arrears can undermine credit growth and affordability by increasing uncertainty over realizing collateral."
    },
    {
      "heading": "Findings — Corporate insolvency regime",
      "content": "- Ireland’s corporate insolvency regime is largely in line with international best practice.\n- The corporate restructuring regime is little used.\n- A review of the corporate insolvency regime is recommended."
    },
    {
      "heading": "Findings — Mortgage-related NPLs and arrears",
      "content": "- Long-term mortgage arrears are complex and involve multiple government bodies.\n- Failure to fully resolve long-term mortgage arrears has the potential to undermine credit growth and affordability, through increased credit risk from higher uncertainty about realizing collateral.\n- Granular data is available on the financial situation and debt servicing capacity of borrowers, which can inform policy."
    },
    {
      "heading": "Policy recommendations and strategy",
      "content": "- The Government should adopt a coordinated, multi-agency strategy for resolving mortgage arrears.\n- Strategy should be:\n  - Informed by granular borrower-level data on financial situation and debt servicing capacity.\n  - Accompanied by published guidance on expected solutions based on financial indicators.\n  - Supported by broader social support measures.\n- A review of the corporate restructuring regime is in order to enhance use and effectiveness."
    },
    {
      "heading": "Key publication information and subject tags",
      "content": "- Pages: 28\n- Volume: 2022\n- Issue: 238\n- Series: Country Report No. 2022/238\n- DOI: https://doi.org/10.5089/9798400215902.002\n- Stock No: 1IRLEA2022004\n- ISBN: 9798400215902\n- ISSN: 1934-7685\n- Subject: Economic and financial statistics, External debt, Financial crises, Financial institutions, Financial sector policy and analysis, International organization, Monetary policy\n- Keywords: Arrears, companies registration office, Corporate insolvency, Data collection, Global, mortgage ARREARS resolution process, mortgage lending, Mortgages, PDH mortgage account, period accounts, Solvency\n\nIMF Staff Country Report — Ireland: Financial Sector Assessment Program-Technical Note on Insolvency and Creditor Rights (July 27, 2022).\n\n---\n\n Content in this bundle\n\n- Executive Summary\n  - Executive Summary (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Executive Summary (PDF){rel=\"external\" type=\"application/pdf\"}"
    }
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    "Published: July 27, 2022",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798400215902.002",
    "Focus: analysis of select aspects of the system for insolvency and creditors’ rights in the context of an overall assessment of the Irish financial sector.",
    "Two primary areas examined:",
    "Central concern: long-term mortgage arrears are largely a legacy issue from the 2008 crisis but unresolved arrears can undermine credit growth and affordability by increasing uncertainty over realizing collateral.",
    "Ireland’s corporate insolvency regime is largely in line with international best practice.",
    "The corporate restructuring regime is little used.",
    "A review of the corporate insolvency regime is recommended.",
    "Long-term mortgage arrears are complex and involve multiple government bodies.",
    "Failure to fully resolve long-term mortgage arrears has the potential to undermine credit growth and affordability, through increased credit risk from higher uncertainty about realizing collateral.",
    "Granular data is available on the financial situation and debt servicing capacity of borrowers, which can inform policy.",
    "The Government should adopt a coordinated, multi-agency strategy for resolving mortgage arrears.",
    "Strategy should be:",
    "A review of the corporate restructuring regime is in order to enhance use and effectiveness.",
    "Pages: 28",
    "Volume: 2022",
    "Issue: 238",
    "Series: Country Report No. 2022/238",
    "DOI: https://doi.org/10.5089/9798400215902.002",
    "Stock No: 1IRLEA2022004",
    "ISBN: 9798400215902",
    "ISSN: 1934-7685",
    "Subject: Economic and financial statistics, External debt, Financial crises, Financial institutions, Financial sector policy and analysis, International organization, Monetary policy",
    "Keywords: Arrears, companies registration office, Corporate insolvency, Data collection, Global, mortgage ARREARS resolution process, mortgage lending, Mortgages, PDH mortgage account, period accounts, Solvency",
    "**Executive Summary**"
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