5 Sep 2013, 16:00
The Oireachtas Committee on Finance, Public Expenditure and Reform has agreed to invite Central Bank Governor Professor Patrick Honohan to address the committee as it concluded its hearings today, 5th September 2013 with banks on how they are meeting targets to provide sustainable, long-term solutions for homeowners in arrears
Committee Chairman Ciarán Lynch said: “As we concluded our hearings today with the banks, the Committee agreed to invite the Governor of the Central Bank of Ireland to appear before it on Wednesday, 25th September to discuss our deliberations with the banks in more detail. In preparation for this meeting, the banks have been asked to give a full breakdown of their resolution processes and how they have been applied to distressed borrowers. We are also asking the banks to include other resolutions with struggling homeowners outside of the Central Bank’s prescribed formulas which the various financial institutions consider sustainable and all other resolutions that they have examined that are prohibited by the Central Bank.
Other issues we will be looking at are how some of the resolutions reached with customers vary from one bank to another – for instance, some banks are using the option of split mortgage solutions more than others. Another issue of particular concern which we will be considering is how correspondence to distressed borrowers who have not been in communication with banks has been included within some of the banks’ targets of sustainable solutions. Also of concern is the availability to payment breaks or modest credit in emergency situations for customers involved in resolution processes whose expenditure has been fixed by those resolution processes.”
Media Enquiries to:
Ciaran Brennan,
Houses of the Oireachtas,
Communications Unit,
Leinster House,
Dublin 2
P: +3531 618 3903
M: 086-0496518
F: +3531 618 4551
Committee Membership
Deputies
Richard Boyd-Barrett, People Before Profit
Michael Creed, Fine Gael
Pearse Doherty, Sinn Fein
Regina Doherty, Fine Gael
Stephen Donnelly, Independent
Timmy Dooley, Fianna Fáil
Alan Farrell, Fine Gael
Sean Fleming, Fianna Fáil
Simon Harris, Fine Gael
Joe Higgins, Socialist Party
Heather Humphreys, Fine Gael
Kevin Humphreys, Labour Party
Mary Lou McDonald, Sinn Fein
Ciarán Lynch, Labour Party (Chairman)
Michael McGrath, Fianna Fáil
Dara Murphy, Fine Gael
Kieran O’Donnell, Fine Gael
Aodhán O Ríordáin, Labour
Arthur Spring, Labour Party
Brian Stanley, Sinn Féin
Liam Twomey, Fine Gael
Senators
Sean D Barrett
Thomas Byrne
Paul Coghlan
Michael D’Arcy
Aideen Hayden
Tom Sheahan