Dáil Éireann Debate, Wednesday - 26 February 2014
60. Deputy Derek Nolan asked the Minister for Finance the support services that are in place for holders of Irish Bank Resolution Corporation mortgages particularly if the IBRC's mortgage book is sold off to overseas buyers; the action he will take to ensure that these mortgage holders' homes are protected; and if he will make a statement on the matter. [9897/14]
View answerIt is important to highlight that the contractual terms and conditions of all customer mortgages and other borrowings have not changed as a result of the appointment of the Special Liquidators nor will those terms and conditions change as a result of the ultimate sale of these obligations to a third party. Purchasers of mortgage loans will be required to honour the legal terms of the loan agreements.
I am advised 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 ("CCMA") and other protections in Irish consumer law.
The Special Liquidators have also confirmed that the third party bidders who are bidding for the residential mortgage portfolio have confirmed that they will be directing that the relevant acquired mortgage loans are serviced in accordance with the CCMA.
