New Central Bank figures show that the overall level of mortgage arrears in Ireland has continued to fall. At the end of 2014 the percentage of mortgage accounts in arrears came to 14.5 percent - or 110,366 accounts - this was a decline of 6.4 percent relative to the third quarter.

Arrears of over 90 days on owner occupier mortgages fell by 7.4 percent, compared with the previous quarter - this came to 78,699, or 10.4 percent. That was the lowest percentage of these mortgages in arrears since March of 2012.

The number of mortgages in arrears for over 720 days continued to rise - it increased by 294 this was the lowest increase in this category since the crash in the Irish property market.

The amount of buy-to-let mortgages in arrears for over 90 days decreased by 7.6 percent in the quarter.