Michael Healy-Rae
Question:103. Deputy Michael Healy-Rae asked the Minister for Finance his views on correspondence (details supplied) regarding the Irish Bank Resolution Corporation. [55194/13]
View answerWednesday, 15 January 2014
Questions (103)
Written answers
I am advised that the contractual terms and conditions of customer mortgages and other borrowings have not changed as a result of the appointment of the Special Liquidators nor will they change following the ultimate sale of the obligations to a third party. However as IBRC is in liquidation it is limited in terms of the supply of further credit to customers.
The Special Liquidators have confirmed that the residential mortgage customers of IBRC Limited (in Special Liquidation) continue to enjoy the protection of the Central Bank Code of Conduct on mortgage arrears and other protections in Irish consumer law. The Special Liquidators continue to engage with customers who are in difficulty through the implementation of CCMA and are entering into appropriate MARS strategies with them. Any borrower who is in difficulty should contact the Mortgage Arrears Unit in IBRC (now in special liquidation). The address is as follows: IBRC Mortgage Arrears Support Unit, IBRC (in Special Liquidation), Stephen Court, 18/21 St Stephens Green, Dublin 2. They could also contact the Mortgage Arrears Unit by phone @ 01 609 6182 or by email at asu@ibrc.ie. There is also additional information available on the website www.ibrc.ie.
The Special Liquidators have given significant consideration to and have sought independent advice from PWC in relation to how the residential mortgage portfolio and other loans in IBRC are to be dealt with. Following that independent advice, the Special Liquidators have decided that the residential mortgage book would be split into four segments consisting of performing, non-performing, owner occupier and buy to let mortgages with a view to maximising market interest. Therefore the Special Liquidators have decided not to accept any bids from individual mortgage holders. The Special Liquidators have confirmed that all Borrowers are permitted to buy-out their mortgage at par value and that there are no legislative barriers for such Borrowers to do so.
The decision concerning how the loans will be packaged for sale and what bidders constitute qualifying bidders for the purposes of the sales process has been made by the Special Liquidators and I will not intervene in this matter.