Wednesday, 10 July 2013

Questions (77)

Clare Daly


77. Deputy Clare Daly asked the Minister for Finance if in the event of the Irish Nationwide Building Society loan book transferring to the National Asset Management Agency, individual mortgage holders would not have protection from the Ombudsman or the code of conduct on mortgage arrears. [33709/13]

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Written answers (Question to Finance)

I have been advised by the Special Liquidators that the residential mortgage customers of IBRC (in Special Liquidation) continue to enjoy the protection of the Central Bank Code of Conduct on mortgage arrears and other protections in Irish consumer law. The Special Liquidators are currently engaged in the valuation of IBRC loans and it is expected that they will begin the loan sales process later this year. I have been advised by NAMA that until that process has been completed, it is not possible to know which sub-portfolios within the IBRC loan book will be acquired by NAMA and which will be sold to third parties.

Only after NAMA has had an opportunity to review its acquired loans will it be in a position to determine its approach towards managing them.