Minister for Social Protection Joan Burton said a panel of 2,000 accountants had been established and the lenders would pay €250 to a professional of the borrower's choice from the panel.

A large-scale advertising campaign to promote the service will begin at the end of this month. Ms Burton, a chartered accountant, said the accountants would offer independent financial advice to borrowers offered long-term resolution proposals by lenders, such as a split mortgage, mortgage-to-rent, or long-term interest only.

'Invaluable support'
"This is an invaluable support for those who are unsure about the proposals being put forward by their lender or who simply want the advice of an independent expert," Ms Burton said.

"A panel of more than 2,000 accountants, drawn from members of the main accountancy institutes in Ireland, is now in place and already providing this advice."

The panel of accountants is composed of members of the recognised accountancy bodies and a county-by-county list is at keepingyourhome.ie.

Ms Burton said she expected the Mortgage Arrears Information and Advice Service to play a more extensive role in the coming months and assist tens of thousands of additional mortgage-holders “as the banks finally face up to the mortgage arrears issue and bring forward sustainable restructuring options for borrowers”.

She said it was important that homeowners were fully aware of the supports that were open to them.

“The Government has stabilised the banks and now the banks must step up and do their part by offering sustainable and realistic solutions to people across the country who are in difficulties with their mortgages,” she said.