The EU's sweeping climate change plan / "Scared and stressed" over-60s in mortgage arrears

Inside Business with Ciaran Hancock

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3y ago 31:17

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Today the European Union revealed the details of its “Fit for 55”, a package of toughened climate laws designed to help hit the target of reducing emissions by 55% by 2030. But what does it contain, does it go far enough to hit the target, and what will it mean for business and consumers? Environment editor Kevin O Sullivan and Europe correspondent Naomi O’Leary report. A Central Bank paper on long-term debt has revealed that over-60s make up a quarter of all those in mortgage arrears. This vulnerable group, often with limited ability to escape debt due to their age, should be offered new ways to manage their debt, says the bank. Markets correspondent Joe Brennan explains what the Central Bank has said, and Rachel McGovern, Director of Financial Service for Mortgage Brokers Ireland, says our approach to those in arrears has stored up problems and needs a rethink.

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