note : 2017 includes the 5 retail banks and 2 retail credit firms. % change % change total roi mortgage lending €5, 728 €7, 430 30 % 29, 893 35, 472 19 % pdh - in scope ftb lending ssb lending €5, 094 €2, 611 €2, 482 €6, 708 €3, 618 €3, 091 32 % 39 % 25 % 26, 159 13, 974 12, 185 31, 618 17, 453 14, 165 21 % 25 % 16 % btl lending €173 €197 14 % 1, 408 1, 517 8 % exempt from regulations switcher negative equity other €462 €331 €99 €31 €525 €408 €87 €29 14 % 23 % - 12 % - 6 % 2, 326 1, 459 2, 337 1, 713 0 % 17 % - 32 % - 20 % source internal central bank reports. see enda keenan and martin o ’ brien ( 2018 ) “ new mortgage lending activity in a comparative context ”, central bank of ireland economic letter, vol 2018 no 5. see sharon donnery, trevor fitzpatrick, darren greaney, fergal mccann, and micheal o ’ keeffe “ resolving non - performing loans in ireland : 2010 - 2018 ” in quarterly bulletin 2018 q2. central bank internal loan level data for the five main retail banks in ireland. engagement is defined along three criteria : either the borrower has filled out a standard financial statement, has a permanent restructure to the terms of their loan in place, or is currently in a temporary restructure arrangement. see 2016 eu - wide stress test results see sharon donnery, trevor fitzpatrick, darren greaney, fergal mccann, and micheal o ’ keeffe “ resolving non - performing loans in ireland : 2010 - 2018 ” in quarterly bulletin 2018 q2. see central bank of ireland code of conduct on mortgage arrears. june 2013, 182, 840 mortgage accounts in arrears, december 2017, 92, 949 mortgage accounts in arrears. see mortgage arrears statistics. see mortgage arrears statistics. see central bank internal guideline - sustainable mortgage arrears solutions see fergal mccann ( 2017 ) – “ mortgage modification in ireland. a recent history ” central bank of ireland economic letter, vol

many consumers in ireland have not considered switching their mortgage unless they are moving home and that many are concerned that the process is too difficult and complex – notwithstanding that they have been through the process at least once before in taking out their mortgage in the first place. one of the key findings from the ccpc research in 2016 was that “ only about one in seven mortgage holders have thought about switching or actively engaged with their mortgage provider in the past five years. just 2 % have actually switched their mortgage in the past five years ” 37 in 2017, of the total count of new loans circa 8 % were switchers ( 2, 853 of 35, 472 ). for a first time buyer taking out the average size of a new loan ( €206, 216 ) with a 20 % deposit for a 30 year term, the current rates on offer vary from 2. 60 % to 4. 2 % 38. the potential amount saved between the low rate of 2. 6 % and the highest rate of 4. 2 % is significant. the monthly difference is €183, the yearly difference is almost €2, 200 the difference over 5 years is almost €11, 000. while this is may be an extreme example, even smaller differences in interest rates matter, offering the potential for significantly reduced monthly payments and / or reduced mortgage terms. in august 2017, the central bank published a consultation paper on, enhanced mortgage measures : transparency and switching39, which set out a series of proposed new mortgage switching and transparency measures. submissions received during the public consultation process are currently being analysed with the intention to issue amendments to the consumer protection code 2012 in the near future. the aim of the proposed new measures will be to help consumers make savings on their mortgage repayments, to support consumers considering switching their mortgage and to ensure that such activity takes place within a transparent framework that protects the best central bank of ireland - restricted interests of consumers. when implemented, these measures will build on the strong framework of protections already in place for mortgage borrowers, including the enhanced transparency measures introduced for variable rate mortgage holders in 201640. future developments as well as looking to the past, and at the present, it is important that we look to the future. the projected levels of growth in the irish mortgage market, high net interest margins, regulatory developments, financial innovation and the continued reduction in non - performing loans are likely to lead to increased competition in the market. completion of banking union41 will hopefully increase the level