Mortgage Arrears Proposals

Dáil Éireann Debate, Tuesday - 8 April 2014

Tuesday, 8 April 2014

Questions (95)

Catherine Murphy

Question:

95. Deputy Catherine Murphy asked the Minister for Finance if Allied Irish Banks, Permanent TSB and Irish Bank Resolution Corporation in respect of the remaining mortgages held on its books will reach the June 2014 target set by the Central Bank of Ireland to come to a resolution with 75% of their borrowers who are in arrears on their mortgages by more than 90 days; the proportion of such mortgages which are being passed on to external debt collection agencies; and if he will make a statement on the matter. [16220/14]

Written answers

Minister for Finance (Deputy Michael Noonan)

AIB and PTSB have confirmed that they have met the Q4 2013 mortgage arrears resolution targets with borrowers who are in arrears on their mortgages by more than 90 days and the banks have continued to prioritise the achievement of subsequent targets including the Q2 2014 target. It should be noted that where appropriate, the banks may appoint third parties to engage with customers on their behalf. This could include the appointment of an asset recveiver in the case of buy to let mortgages.

At the time the Mortgage Arrears Resolution Targets or MART were published in March 2013 by the Central Bank of Ireland , IBRC was in Special Liquidation. Therefore IBRC was not one of the Specified Credit Institutions included in this programme.