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Mortgage Resolution Processes

Dáil Éireann Debate, Thursday - 30 January 2014

Thursday, 30 January 2014

Questions (38, 39)

Michael McGrath

Question:

38. Deputy Michael McGrath asked the Minister for Finance the number of Irish Bank Resolution Corporation residential and buy to let mortgages that have been restructured; the type of restructure by number; and if he will make a statement on the matter. [4677/14]

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Michael McGrath

Question:

39. Deputy Michael McGrath asked the Minister for Finance the reason the Irish Bank Resolution Corporation is not subject to the mortgage arrears resolution targets process; his plans to make them subject to MART; and if he will make a statement on the matter. [4678/14]

View answer

Written answers

I propose to take Questions Nos. 38 and 39 together.

I have been advised by the Special Liquidators that Irish Bank Resolution Corporation Limited (in Special Liquidation) was not one of the Specified Credit Institutions as set out in the Mortgage Arrears Resolution Targets (MART) published by the Central Bank of Ireland in March 2013.  At the time the MART were published in March 2013 Irish Bank Resolution Corporation Limited was in Special Liquidation.

Irish Bank Resolution Corporation Limited (in Special Liquidation) has agreed specific targets with the CBI for Mortgage Arrears Resolutions. However they do not have the same obligations as the Specified Credit Institutions to make public disclosure of their performance against the targets.  The Special Liquidators will therefore not be disclosing the requested information.

I have been informed by the Special Liquidators that the residential mortgage customers of Irish Bank Resolution Corporation 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.

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