Tuesday, 19 February 2013

Questions (275)

Michael McGrath

Question:

275. Deputy Michael McGrath asked the Minister for Finance the timetable for commencement and completion of the Central Bank of Ireland examinations of the code of conduct on mortgage arrears, money lending firms, sales incentives in the banking, insurance, investment, and stockbroking sectors and property insurance claims handling; and if he will make a statement on the matter. [8665/13]

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Written answers (Question to Finance)

The Central Bank has advised me that they have commenced their programme of themed reviews and inspections and work is scheduled to continue throughout the year.

The Code of Conduct on Mortgage Arrears review will be carried out in respect of a number of lenders and will involve both on-site visits and desk based analysis of policies and procedures currently in place or under consideration. This work has commenced and will continue throughout February and March. The findings are intended to inform the upcoming review of the Code of Conduct on Mortgage Arrears.

The moneylending theme has been completed and the results of same will be released shortly.

The Bank has further advised me, as the sales incentives theme covers more than one industry sector this will continue throughout 2013. The Property Insurance Claims Handling themes will take place throughout 2013.

I understand from the Bank that in addition to the planned series of inspections, the Bank will also continue to conduct additional reactive inspections on key issues as they arise throughout the year.