Dáil Éireann Debate, Tuesday - 4 March 2014
26. Deputy Dominic Hannigan asked the Minister for Finance the steps he will take to make sure the buyer of the Irish Bank Resolution Corporation mortgages complies with the Central Bank of Ireland code of conduct on mortgages; and if he will make a statement on the matter. [10381/14]
View answerI am aware of the concerns of some borrowers about sale of the mortgage books to funds that are not covered by the Code of Conduct on Mortgage Arrears, or CCMA. I have instructed my Department to examine the issue, in consultation with the Central Bank, with a view to bringing forward a solution, if required. Given this is a complex legal issue, it requires careful consideration so as not to put at risk the general applicability of the CCMA.
I welcome the voluntary agreement which has been reached between the Special Liquidators of IBRC and the bidders for the IBRC mortgage book in relation to the application of the Code of Conduct on Mortgage Arrears. This is an important and timely development and will ensure that mortgage holders in arrears will be serviced in line with the CCMA and the customers will continue to be protected by the code. I would also add that in the event that NAMA are to acquire the book they too have indicated that customers will be in no worse a position than had they remained with IBRC.
The issue will be considered at Private Members Business today and I have accepted the principle of the Fianna Fail Bill proposed by Deputy McGrath.
