Dáil Éireann Debate, Thursday - 8 July 2010
91 Deputy Terence Flanagan asked the Minister for Finance the position regarding the work of the debt review group; when the interim and final reports will be issued; and if he will make a statement on the matter. [31168/10]
Amharc ar fhreagraThe Deputy will be aware that all of the recommendations in the Interim Report by the Mortgage Arrears and Personal Debt Expert Group (Expert Group) under the chairmanship of Hugh Cooney were agreed by Government on Tuesday 6th July 2010. These recommendations address the more straight forward issues which were uncovered by the Expert Group during the first phase of its review. The key recommendations to be underpinned by amendments to the Code of Conduct on Mortgage Arrears include improvements to communication between lender and borrower, and the standardisation of the assessment process by all lenders when their mortgage customers show signs of being in difficulty with their repayments. The Interim Report also includes recommendations supporting significant reforms of the Mortgage Interest Supplement Scheme which were also approved by Cabinet last Tuesday.
The Expert Group is now commencing the next phase of its work and will be focusing on the more complex issues in the area of mortgage arrears and personal debt. I expect that the Expert Group will be in a position to complete its analysis and conclude its report to me by the end of September.
