Dáil Éireann Debate, Tuesday - 19 November 2013
218. Deputy Terence Flanagan asked the Minister for Finance the number of split mortgages that are now in place in particular in the pillar banks; his projections over the next three years; and if he will make a statement on the matter. [49508/13]
View answerMy Department is now publishing mortgage restructures and mortgage arrears data, on a monthly basis, in respect of the six institutions covered by the Central Bank Mortgage Arrears Resolution Targets (MART) process. The most recent published data is for the end of September and it shows that, in respect of those institutions, a permanent split mortgage restructure has been put in place for 3,688 primary dwelling mortgage accounts. As the Deputy will be aware, under the MART process, the Central Bank has set targets requiring these institutions to progressively increase the number of proposed and concluded sustainable mortgage restructures for those accounts in arrears of more than 90 days, over the course of 2013 and 2014. Accordingly, it will be expected that the number of mortgage restructures will continue to increase. However, it will be a matter for the lender and borrower to agree on the particular type of sustainable restructure that will be most appropriate to the individual case of mortgage difficulty.
AIB Response:
AIB reports on a half yearly basis and the number of split mortgages completed to 30 June 2013, was 28. AIB also disclosed that under MARTs Q2 2013 targets, set by the Central Bank of Ireland, it had made offers of 153 split mortgages to customers. All offers of split mortgages are offered on a case by case basis. All of AIB’s relevant disclosures are contained in its Half Yearly Financial Report 2013 which is available on its website www.aibgroup.com/investorrelations
BOI Response:
Bank of Ireland's annual report for the year to 31 December 2012 gives comprehensive disclosures on its Residential Irish Mortgage Portfolios (particularly pages 321 - 333). Bank of Ireland also provides detailed disclosure on its Irish mortgage book on pages 114 through to 125 of the Group’s interim financial statements for the six month period ended 30 June 2013.
