Eoghan Murphy
Question:188. Deputy Eoghan Murphy asked the Minister for Finance if he has any concerns regarding the operation of certain foreign banks here (details supplied). [40465/13]
View answerTuesday, 1 October 2013
Questions (188)
Written answers
The Central Bank of Ireland has advised me that it cannot comment on specific issues with regard to a regulated financial institution. However, the Central Bank has informed me that all lenders are required to comply with the requirements of the statutory Code of Conduct on Mortgage Arrears (CCMA). The CCMA applies to the mortgage lending activities of all regulated entities, except credit unions, operating in the State, including:
- a financial services provider authorised, registered or licensed by the Central Bank of Ireland; and
- a financial services provider authorised, registered or licensed in another EU or EEA Member State and which has provided, or is providing, mortgage lending activities in the State.
The revised CCMA was published on 27 June 2013 and came into effect from 1 July 2013. The CCMA provides an integrated and cohesive package of consumer protection measures for borrowers facing or in mortgage arrears. It reflects the current mortgage arrears situation and seeks to deliver on the following principles, to:
- ensure appropriate resolution of each borrower’s arrears situation;
- ensure that lenders deal with borrowers in a fair and transparent manner;
- support and facilitate meaningful engagement between lenders and borrowers; and
- ensure borrower awareness of the benefits of co-operating with their lender, and the consequences of not co-operating.
All regulated firms are also required to comply with the statutory Code of Conduct for Business Lending to SMEs.