Michael Lowry
Question:112. Deputy Michael Lowry asked the Minister for Finance his plans to offer further support to those suffering from the current debt and mortgage crisis. [16619/15]
View answerTuesday, 28 April 2015
Questions (112)
Written answers
I understand that my colleague, the Tánaiste and Minister for Social Protection, Ms. Joan Burton, TD will separately address the part of the question that relates to the Money Advice and Budgeting Service as funding for the service falls into her area of functional responsibility.
As the Deputy is aware, the Government has put in place a broad strategy to address the problem of mortgage arrears and family home repossessions.
This has included an extensive suite of interventions designed to address the problem including specific Central Bank targets for the banks through the Mortgage Arrears Resolution Targets (MART), the Code of Conduct on Mortgage Arrears, extensive recasting of the personal insolvency legislation, the provision of advice through Department of Social Protection-led initiatives and the mortgage to rent scheme which is designed to assist borrowers in an unsustainable mortgage position to remain in their homes through the involvement of social housing agencies.
The effective management of the mortgage arrears issue is, however, an area that remains under continuous review. More and concerted action can be undertaken by the banks to assist customers in arrears and, as the Taoiseach has previously announced, my Department is considering a range of options to support the existing framework and to improve the uptake of personal insolvency solutions.