Dáil Éireann Debate, Thursday - 3 October 2013
27. Deputy Caoimhghín Ó Caoláin asked the Minister for Finance if he has had negotiations with the Troika on a so-called fast track process for repossessions of some properties and the legislative steps he has planned. [41508/13]
View answer30. Deputy Michael McGrath asked the Minister for Finance the impact on homeowners seeking to negotiate a sustainable solution with their lender of the agreement between the Government and the troika to accelerate property repossessions as outlined in the most recent update to the memorandum of understanding; and if he will make a statement on the matter. [41440/13]
View answerI propose to take Questions Nos. 27 and 30 together.
There is a Troika commitment to examine aspects regarding the operation of the Courts repossession framework. This commitment includes an examination, by the end of October, of the possibility of more expedited proceedings for non-principal private residencies properties and the assigning of additional functions to specialist judges. In addition, an expert group will consider issues around the effectiveness of statutory repossession arrangements and report by end 2013.
It is not considered that these Troika commitments will have any particular impact on the engagement between banks and co-operating borrowers in seeking to conclude a sustainable solution to a mortgage problem The protections available to co-operating borrowers under the Code of Conduct on Mortgage Arrears will continue to remain in place and, of course, the recent Land and Conveyancing Law Reform Act now provides the power to a Court, having regard to the individual circumstances, to adjourn a repossession case, as it considers appropriate, to see if a Personal Insolvency Arrangement could be concluded as an alternative option. While primary responsibility for action in this area rests with my colleague, Minister Alan Shatter TD, Minister for Justice and Equality, it is my understanding that there are no proposals for any further legislative changes in this area at this time.
