Nearly three-quarters of mortgages in long-term arrears have not yet been restructured, according to new figures from the Department of Finance.

The data shows 59,226 or 74 per cent of mortgages in arrears of 90 days or more have not yet been restructured.

The figures are based on data from the country's six main banks - AIB, Bank of Ireland, Permanent TSB, ACC, KBC Ireland and Ulster Bank.

The Department of Finance said almost 14,000 permanent mortgage restructures and 6,571 temporary restructures had been agreed by the end of last year for mortgages in arrears of 90 days or more.

In total, the six main domestic banks have offered 51,188 permanent mortgage restructuring deals to mortgage holders who are in arrears, an increase of 6,011 accounts since the end of September 2013.

The number of mortgage accounts now in arrears of greater than 90 days has fallen from 81,156 to 79,782, a drop of 1,374 accounts over the same period.

The department of finance said there has been a “significant rise” in the number of split mortgages from 2,521 in August to 6,239 at the end of December.

AIB has meanwhile announced a €350 million New Homes Development Fund to support the construction and supply of new homes in the cities and suburbs of Dublin, Cork and Galway.

The fund, which was launched today, will be available to borrowers who can demonstrate prior experience in residential development.

“AIB recognises the acute shortage of available housing in key locations around the country and this €350 million fund will support experienced operators in constructing quality housing units to help meet demand,” head of business banking Ken Burke said.

Property Industry Ireland welcomed the new initiative, saying the lack of new housing has been the main contributing factor to the rapid increase in house-prices and rents.