Dáil Éireann Debate, Tuesday - 31 May 2016
265. Deputy Ruth Coppinger asked the Minister for Finance to report on his meetings with a bank (details supplied) in 2016; if he discussed the sale of the bank's sale of its distressed mortgage portfolio; and if he will make a statement on the matter. [13538/16]
View answerWhile I have not met with the bank in question in 2016 on these matters, my officials were informed at a meeting in April of the outlines of the bank's deleveraging plans which had been the subject of some public and media commentary at the time. The officials again met with representatives of the bank in the morning of 25 May and were provided with more details of the sale which the bank announced later that day.
As I have previously said, the sale of a loan from one entity to another does not change the terms of the contract or the borrower's rights and obligations under the original contract.
I would also add that active engagement by indebted borrowers with their lender is key to achieving a sustainable resolution, and I would urge borrowers in arrears, who have not already done so, to take that first step by contacting their lender directly or MABS for an independent assessment of their situation and advice on available resolution options.
