Dáil Éireann Debate, Thursday - 11 July 2013
77. Deputy Michael McGrath asked the Minister for Finance if the banks subject to the mortgage arrears resolution targets programme have reported on their compliance with the targets set for 30 June 2013, when the targets will be set for completion of agreements between borrowers and lenders; and if he will make a statement on the matter. [34117/13]
View answerThe Central Bank has advised me that over the coming period, the Bank will commence publication of additional statistics, designed to provide more information on the level of progress in relation to mortgage arrears resolution. One such additional measure will be the number of newly agreed loan modifications during each reference quarter. This will be captured for both temporary and permanent restructure types. A second additional measure will be the performance of restructured loans. Reporting performance against specific resolution targets, as well as the full suite of KPI’s published by the Central Bank on a quarterly basis, should provide a more complete measure of progress in addressing arrears cases.
Regarding the specific reporting of the targets set out in the Mortgage Arrears Resolution Targets document published last March, section 3.3 of that document sets out the specific reporting requirements by the individual institutions. Institutions are also required to report their performance against public targets on a quarterly basis to the Central Bank. These returns are due to be submitted to the Central Bank not later than 22 working days after quarter end. Regarding the setting of targets for concluded solutions, this matter is under active consideration by the authorities and it is planned to publish targets on concluded solutions in Q3 as per MOU provisions.
