Irish regulator sees improvements in banks' arrears plans

DUBLIN Fri Feb 22, 2013 8:13am EST

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DUBLIN Feb 22 (Reuters) - Ireland's banks have made big improvements in preparing to deal with the problem of mortgage arrears but need to deliver now with the situation still short of ideal, the country's head of financial regulation said on Friday.

Matthew Elderfield, who is also a deputy governor at the central bank, added that there had been some encouraging signs in returning the country's banks to profitability although the outlook remains difficult and progress would inevitably be slow.

"While the situation is still short of ideal, this has led to significant improvements from where the system was 15 months ago and so now is the time to see real delivery," Elderfield said in a speech, referring to the banks' arrears' strategies.

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