The number of distressed borrowers has continued to spike, new Central Bank figures reveal, ahead of a deadline next week to offer those in mortgage arrears some form of debt relief.

The figures show 95,554 mortgages, 12.3% of the total, were more than 90 days in arrears at the end of March. That is up from 11.9% at the end of December last. Buy-to-let loans continue to be in a worse state. Nearly 20% of these loans are now in long-term arrears.

The Central Bank data also shows that 79,689 mortgages were restructured by the end of the first quarter of the year. Of those restructured, the vast majority are only paying interest. And 76% of restructured mortgages are meeting their new repayment agreements.

The Central Bank has given lenders until the end of June to offer long-term debt restructuring arrangements to 20% of their customers in arrears. By the end of year it wants to have half of all borrowers dealt with.

The figures released today show that the bank's preferred long-term option - so-called split mortgages - are rare, with just 144 loans restructured this way. Split mortgages park some of loan for decades, reducing borrowers' repayments to what they can afford.

At the end of the March, banks had taken legal proceedings to begin 255 repossessions. In total banks are in possession of 910 homes.

Next week the Central Bank will update its Code of Conduct on Mortgage Arrears (CCMA). That will reduce the moratorium placed on banks from starting repossession actions against homeowners and will also allow lenders to make more frequent contact with borrowers.

The only relatively positive statistic published by the Central Bank today was a slight decline in the level of early stage arrears. This dropped 0.7% in the quarter.