Dáil Éireann Debate, Tuesday - 23 April 2013
228. Deputy Michael McGrath asked the Minister for Finance his estimate of the proportion of mortgages held with institutions covered by the mortgage arrears resolution targets programme; and if he will make a statement on the matter. [18489/13]
View answerThe Deputy will be aware that on 13 March 2013 the Central Bank announced new measures to address mortgage arrears, including the publication of performance targets for the main mortgage banks. The performance targets have been set for: ACC; AIB; Bank of Ireland; KBC Bank; Permanent TSB; and Ulster Bank. The targets are set in relation to both Principal Dwelling Homes and Buy to Let mortgages.
These institutions cover the vast majority of the mortgage book in Ireland, accounting for 9 out of ten of mortgages held. The Central Bank has and continues to engage with all mortgage lenders to ensure adequate mortgage arrears resolution strategies are in place. Also the Code of Conduct on Mortgage Arrears (CCMA) and Personal Insolvency legislation covers all lenders. However, the Central Bank will examine whether it should extend the targets to sub-prime lenders in due course.
