Cormac Devlin
Question:145. Deputy Cormac Devlin asked the Minister for Finance for an update on the establishment of an interdepartmental mortgage arrears group; and if he will make a statement on the matter. [43148/23]
View answerThursday, 5 October 2023
Questions (145)
Written answers
On 31 August last, I convened a meeting of banks, non banks and other stakeholders on the importance of supporting mortgage holders at this time. I am very conscious of the impact that rising interest rates are having on mortgage borrowers.
At the meeting, I heard from MABS and the Insolvency Service of Ireland about the increased demand for their services.
Against this backdrop and in light of commitments in the Programme for Government and recent International Monetary Fund (IMF) recommendations, I have tasked officials to review the current mortgage arrears framework and an interdepartmental group has been established to review the mortgage arrears framework.
The Mortgage Arrears Group comprises representation from my Department, the Department of Justice, the Department of Housing, Local Government and Heritage and the Department of Social Protection. The focus of the Group will be to consider the impact of the mortgage arrears framework, the current resolution options across the agencies and bodies and recommend refinements and improvements to better address the economic and social impact of mortgage arrears.
The Mortgage Arrears Group has commenced its work and will report on its review during the second quarter of 2024.