Tuesday, 27 May 2014

Questions (35)

Pearse Doherty

Question:

35. Deputy Pearse Doherty asked the Minister for Finance if any assurances have been given by the funds buying the loan books at Irish Bank Resolution Corporation that they will respect the terms of the contracts in place, including the interest rates; and, if so, for what period. [23020/14]

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Written answers (Question to Finance)

I have been advised by the Special Liquidators that the sale of a residential mortgage does not change the terms and conditions of the loan agreement in any way. Irrespective of who acquires the loan(s) they will be required to honour the legal terms and conditions of the existing loan agreement(s), including previous restructuring arrangements put in place as well as offers made to customers prior to the sale. Whether interest rates vary or not will be determined by the terms of the loan agreement.