I propose to take Questions Nos. 103 to 105, inclusive, together.
The Deputy will be aware that the Central Bank of Ireland's (The Central Bank) Code of Conduct on Mortgage Arrears (CCMA) provides a strong consumer protection framework to ensure that each borrower who is struggling to keep up mortgage repayments is treated in a timely, transparent and fair manner by lenders. The CCMA recognises that it is in the interests of borrowers and lenders to address financial difficulties as speedily, effectively and sympathetically as circumstances allow.
I am informed by the Central Bank that in order to determine which options for alternative repayment arrangements are viable in each particular case, a lender must explore all of the options for alternative repayment arrangements that they offer. The CCMA also requires lenders to review an alternative repayment arrangement at appropriate intervals for the type and duration of the arrangement. The lender must also carry out a review of an alternative repayment arrangement at any time, if requested by the borrower.
The Central Bank monitors compliance with consumer protection requirements on an ongoing basis through themed inspections, reviews and research, mystery shopping and advertising monitoring. It provides feedback on themed inspections and publishes identified issues on the Central Bank website, so as to promote compliance.
The Deputy will also be aware that the Central Bank publishes quarterly statistical bulletins of data on residential (PDH) and buy-to-let (BTL) mortgage arrears. The latest release published presents data to end-September 2015 and may be accessed at http://www.centralbank.ie/polstats/stats/mortgagearrears/Documents/2015q3_ie_mortgage_arrears_statistics.pdf. At end-September there were 92,291 PDH mortgage arrears cases outstanding and of these, 30,549 accounts were classified as restructured. Accounts in arrears include mortgages that have been restructured and are still in arrears, as well as mortgages in arrears that have not been restructured. Of the total restructured stock of all PDH loans, 86.6 per cent were 'Meeting the Terms of the Arrangement'.
The position with respect to BTL accounts at end-September is that there were 30,288 BTL accounts in arrears and of these, 7,213 were classified as restructured. Of the total restructured stock of all BTL loans, 83.6 per cent were 'Meeting the Terms of the Arrangement'.