The Deputy will be aware that in February this year I announced the establishment of an Expert Group on Mortgage Arrears and Personal Debt, under the Chairmanship of Mr. Hugh Cooney, an insolvency accountant with KPMG.
The membership of the Expert Group is as follows:
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Name
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Mr. Matthew Elderfield
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Financial Regulator
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Dr. David Duffy
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ESRI
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Mr. Pat Farrell
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Irish Banking Federation (IBF)
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Mr. Tom Foley
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Banking Consultant
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Mr. Paul Joyce
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Free Legal Advice Centre (FLAC)
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Ms. Patricia T. Rickard-Clarke
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Law Reform Commission (LRC)
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Mr. Brendan Burgess
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Independent Consultant
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The Group also includes senior officials of the Departments of Finance, Taoiseach, Justice Equality and Law Reform, Social Protection, Communications Energy and Natural Resources, and Environment Heritage and Local Government.
The Group is initially exploring the feasibility of a range of possible options for improving the level of mortgage support to homeowners in difficulty. I expect that the Group's recommendations will be made to me on a rolling basis as it progresses with its findings and that a final report on this phase of the review will be ready by end June 2010.
I am satisfied that the external members of the Group have the relevant expertise in areas relating to mortgage arrears and personal debt. In addition to the expertise of its own members, the Group as part of its fact finding, has received presentations from representatives of the mainstream lenders, sub-prime lenders as well as voluntary organisations supporting home owners in difficulties.
I understand that once the Expert Group changes its focus from mortgage arrears issues to the more general issue of helping those in personal debt, that the Credit Union movement along with others will be given the opportunity to present to the Group.
