Dáil Éireann Debate, Tuesday - 8 April 2014
144. Deputy Stephen S. Donnelly asked the Minister for Finance further to the announcement of the special liquidators of the Irish Bank Resolution Corporation that they have agreed the sale of 64% of the €1.8 billion IBRC mortgage book, if he will confirm that, according to the Central Bank of Ireland code of conduct for mortgage arrears, borrowers whose mortgages are classified as buy-to-let are not protected by the code. [16517/14]
View answerThe Central Bank's Code of Conduct on Mortgage Arrears 2013 applies to the mortgage loan of a borrower which is secured by his/her primary residence. Primary Residence is defined in the Code as meaning a property which is:
a) the residential property which the borrower occupies as his/her primary residence in this State, or
b) a residential property which is the only residential property in this State owned by the borrower.
Therefore buy to let mortgages are generally not protected by the Code, regardless of the regulatory status of the lender.
