Michael McGrath
Question:100. Deputy Michael McGrath asked the Minister for Finance the number of residential mortgages currently held by non-bank entities; and if he will make a statement on the matter. [1730/16]
View answerThursday, 14 January 2016
Questions (100)
Written answers
The Deputy will be aware that the recently published Central Bank data on Residential Mortgage Arrears for Q3 2015 indicates that non-bank entities now hold 47,461 mortgage accounts for PDH and BTL combined. I have been informed by the Central Bank that it does not breakdown the data on mortgage accounts held by non-bank entities by type of mortgage for reasons of confidentiality. Of this number, 20,338 are in arrears of more than 90 days, with 13,050 of these in arrears over 720 days. This represents almost 25 per cent of all mortgage accounts in arrears of more than 720 days.
The Deputy will also be aware that all consumer and relevant SME loans sold by regulated financial institutions are covered by the Consumer Protection (Regulation of Credit Servicing Firms) Act 2015. Therefore borrowers are now restored to the protections they previously had, such as the Code of Conduct on Mortgage Arrears (CCMA), the Consumer Protection Code and the Code of Conduct for Business Lending to Small and Medium Enterprises. Borrowers who previously had access to the Financial Services Ombudsman also have this right restored by this legislation.
Question No. 101 answered with Question No. 96.