Insolvency Service of Ireland (ISI) publishes 2023 Annual Report

The Director of the ISI, Michael McNaughton, today published the ISI Annual Report 2023.

Highlights of the 2023 Annual Report include:

the launch of a refreshed and updated awareness campaign with the message “Don’t let debt unravel you”
the implementation of a new Bankruptcy Case Management System
1,625 Abhaile vouchers issued for a free PIP consultation
the representative sample from the Abhaile Deep Dive exercise in 2023 shows that, of those borrowers who availed of a PIA, 96% had terms which saw them remain in their family home while 42% of debtors had a reduction in their mortgage debt through a write-down
1,325 Protective Certificates issued, 90% of which were for Personal Insolvency Arrangements, the solution that deals with mortgage debt
1,001 debt solutions were put in place
72 people were adjudicated bankrupt, with 99 people exiting bankruptcy

Commenting on the Annual Report, Mr McNaughton said:

"Last year was another difficult year for households and individuals who had to cope with significantly elevated cost of living levels. Although the rate of inflation eased somewhat over the course of the year, interest rates continued to rise with the ECB interest rate on main refinancing operations peaking at 4.5 per cent in August 2023. Against this backdrop, the ISI saw an increase in demand for its services with applications for insolvency solutions, other than bankruptcy, increasing by 20 per cent compared to the previous year."

Mr McNaughton noted that over the 10 years since it was established, over 14,000 people have used the solutions available through the ISI to return to solvency. He encouraged anyone with serious debt issues to visit the Back on Track website or call the ISI on 01 764 4200. People can also freetext GETHELP to 50015 for a call back from the ISI.

For media queries please contact:

Caitríona Fitzgerald on 087 374 4440

Email: press@isi.gov.ie

ISI websites: www.backontrack.ie and www.isi.gov.ie

Notes

The Insolvency Service of Ireland (ISI) is an independent government body set up to help tackle personal debt problems.

Abhaile is a service to help homeowners find a resolution to their home mortgage arrears. It provides vouchers for free financial and legal advice and help from experts, which are available through MABS. More information on Abhaile is available.