Dáil Éireann Debate, Tuesday - 13 November 2012
190. Deputy Richard Boyd Barrett asked the Minister for Finance the reason Permanent TSB are not offering the mortgage arrears solutions set out in the Government's personal insolvency initiative, that is, mortgage to rent scheme; and if he will make a statement on the matter. [49463/12]
View answer222. Deputy Robert Troy asked the Minister for Finance if he will provide a definitive timeline as to when Permanent TSB will be rolling out the mortgage to rent scheme. [49524/12]
View answerI propose to take Questions Nos. 190 and 222 together.
The Deputies will be aware that last October the Government published the Report of the Inter-Departmental Working Group on Mortgage Arrears (“Keane Report”). The ‘Keane Report’ recommended, as one of a range of measures that could be deployed to assist distressed mortgage holders, the introduction of a mortgage to rent scheme for appropriate cases.
The Minister for Housing and Planning formally launched the mortgage to rent scheme on a nationwide basis at the end of June 2012. It is now one of the options available in appropriate cases in the roll-out of the lender’s Mortgage Arrears and Resolution Strategies.
Permanent TSB has advised me that the ‘Mortgage to Rent’ scheme is one of the institution’s long term treatment options for distressed home loan customers. It is being piloted with selected customers at present in conjunction with the Housing Agency as part of the implementation of the bank’s MARS Strategy with Central Bank oversight. The bank has further advised me that full roll-out of the ‘Mortgage to Rent’ scheme will commence from January 2013.
