IBRC Mortgage Loan Book

Dáil Éireann Debate, Thursday - 5 December 2013

Thursday, 5 December 2013

Questions (83)

Billy Timmins

Question:

83. Deputy Billy Timmins asked the Minister for Finance further to Parliamentary Question No. 53 of 6 November 2013, the position regarding his statement that the continued applicability of the Central Bank code of conduct on mortgage arrears and mortgage arrears targets programme will depend on the regulatory status of the ultimate acquirer of the portfolio which we will not know until the sales process has concluded; his views on whether it is too late for the borrowers when their loans are sold on to some foreign bank; and if he will make a statement on the matter. [52450/13]

Written answers

Minister for Finance

The Special Liquidators are in the process of conducting a sales process in respect of the IBRC residential mortgage portfolio. As previously advised the continued applicability of the Central Bank Code of Conduct on Mortgage Arrears and Mortgage Arrears Targets Programme will depend on the regulatory status of the ultimate acquirer of the portfolio which we will not know until the sales process has concluded. In the event that NAMA ultimately acquires this portfolio, the NAMA Board will determine its strategy at that stage and will, in doing so, be mindful of its legal obligations. I am advised that should they acquire the portfolio NAMA is likely to apply best practice in this regard and no borrower will in any worse position. The decision concerning how the loans will be packaged for sale and what bidders constitute qualifying bidders for the purposes of the sales process is a matter for the Special Liquidators of IBRC and I will not intervene in this matter.