Finian McGrath
Question:224. Deputy Finian McGrath asked the Minister for Finance if he will support a person (details supplied) in Dublin 5 regarding their mortgage. [6767/13]
View answerTuesday, 12 February 2013
Questions (224)
Written answers
Firstly, I must confirm to the Deputy that it is not appropriate for me to comment or become involved in the mortgage arrangements of an individual borrower. Neither could I advise a customer whether or not to dispose of a property. I can assure the Deputy that the Government is committed to advancing appropriate measures to assist those mortgage holders who are experiencing genuine difficulty. In this regard, the Government is now actively implementing the main recommendations contained in the ‘Keane Report’.
A number of significant milestones have now been achieved:-
- The Personal Insolvency Act was signed into law by the President on the 26 December 2012. The Act will now be subject to a commencement order by the Minister for Justice, Equality and Defence
- The Minister for Housing and Planning has formally launched the “mortgage to rent” scheme on a nationwide basis;
- Lenders have provided details to the Central Bank on their proposed forbearance and loan modification options which will be made available, in appropriate cases, to their customers who are in mortgage difficulty. The roll out of these options has commenced with Central Bank oversight;
- An extensive independent mortgage advice framework has been put in place by the Minister of Social Protection comprising (i) an enhanced website www.keepingyourhome.ie (ii) a Mortgage Arrears information helpline and (iii) the provision of free independent ‘one-to-one’ professional financial advice to borrowers when considering a long term forbearance/resolution offer from their lender.
In addition, the Central Bank’s Code of Conduct on Mortgage Arrears is also key protection and provides that each bank must put in place a formal Mortgage Arrears Resolution Process to deal with its mortgage customers who are in arrears or pre-arrears and for the establishment of dedicated arrears support units and appeals processes to handle such cases.
In relation to the details provided by the Deputy, I have been informed by the lender concerned that it encourages customers facing mortgage difficulties to make immediate contact, so that appropriate options can be discussed, agreed, and progressed. As a starting point, the borrower should make an appointment with the local branch to arrange to complete a ‘Standard Financial Statement’, a key element of the sector wide Mortgage Arrears Resolution Process.