Imelda Munster
Question:402. Deputy Imelda Munster asked the Minister for Finance his plans for mortgage moratoriums for workers in the tourism and hospitality sector for 2021; and if he will make a statement on the matter. [17622/21]
View answerWednesday, 31 March 2021
Questions (402)
Written answers
I appreciate the stress and uncertainty that many borrowers who are working in the tourism and hospitality sectors are still facing at this difficult time and I recognise that many of these borrowers will continue to need assistance and support from their lenders. In this regard it is the clear expectation of both the Government and the Central Bank that lenders engage effectively and sympathetically with distressed borrowers – in line with the Code of Conduct on Mortgage Arrears and the Consumer Protection Code – to deliver appropriate and sustainable payment arrangements to borrowers who are affected by COVID-19.
In this regard I note that the Banking and Payments Federation of Ireland (BPFI) has stated that its members are continuing to commit significant resources to support customers impacted by COVID-19, and in particular those who are affected by the latest restrictions. Borrowers have a suite of regulatory protections, and lenders have specific obligations to support and work with borrowers who are continuing to experience loan difficulty because of COVID-19. The options could include additional flexibility, and this could be a short term arrangement such as additional periods without payments or interest-only repayments, or if appropriate more long term arrangements. In this context the Central Bank has made it clear that there is no regulatory impediment to lenders offering payment breaks to borrowers at this time, providing they are appropriate for the individual borrower circumstance. The BPFI has also stated that standard payment breaks continue to be part of the wide range of tailored solutions which are being made available to borrowers upon assessment.
I will continue to work with the Central Bank, as regulator, to ensure that the Central Bank consumer protection and other applicable frameworks will be fully available to all borrowers that will still need support.
Question No. 403 answered with Question No. 328.