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rish debtors must give up foreign holidays, satellite television and feed themselves on eight euros (about £6.80) a day under new monthly spending rules introduced by the government to tackle the country's debt problems.

Ireland's Insolvency Service will allow a debtor to spend 57 euros a month on heating bills and 126 euros on socialising, while they must remove their children from private schools, give up any private health insurance and only use a car if there is no public transport alternative.

High unemployment - at 14 per cent - and wage cuts since the country's economy collapsed in 2008 mean that 120,000 - about one in eight - homeowners have fallen into arrears and are more than 90 days behind on repayments, reports the Financial Times.



The Irish government has introduced monthly spending limits for people in debt as it tries to tackle the country's mortgage crisis



The monthly spending rules are part of Ireland's plan to tackle the problem of one in eight mortgage holders being in arrears on repayments

Another 100,000 mortgages have been restructured with short-term loans.


Anyone who does not agree to a debt agreement under the new rules could have their home repossessed, as Ireland attempts to overhaul its dated bankruptcy laws and tackle the problem of an estimated 400,000 homeowners being in negative equity.


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'A reasonable standard of living does not mean a person should live at luxury level,' said Lorcan O'Connor, the Insolvency Service's.

'But nor does it mean that people should be punished and live only at subsistence level.'

The guidelines will also be used by banks to restructure mortgage debt with homeowners.


Ireland's justice minister Alan Shatter warned banks that their losses could be heavier if they do not agree deals with debtors - suggesting that homeowners may opt for bankruptcy, reports the FT.


Irish mortgage holders cannot get out of debt by handing over their property. Banks who sell the houses on at a loss are free to go after homeowners for the difference if the property sells for a loss

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