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Mortgage Arrears

Dáil Éireann Debate, Thursday - 13 October 2011

Thursday, 13 October 2011

Ceisteanna (49)

Michael McGrath

Ceist:

48 Deputy Michael McGrath asked the Minister for Finance the specific measures he has implemented to date since coming into office to assist persons in difficulty with their mortgage repayments. [29345/11]

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Freagraí scríofa

Earlier this year, the Economic Management Council, of which I am a member, requested an Inter-Departmental Group to consider further necessary actions to alleviate the increasing problem of mortgage over-indebtedness. The Group's report was published yesterday and is available on my Department's website.

The Government are proposing that the Dáil be given an opportunity to debate the findings and recommendations of the report and will make time for a debate next week. This will give all sides of the House the opportunity to contribute in a constructive and realistic manner to the deliberations on this important issue. The Minister for Justice and Equality and myself will formulate an implementation strategy to be set out at the conclusion of the Dail debate. This implementation strategy will set out the necessary steps to put into effect all the measures that are deemed feasible. In the meantime work is already underway to implement some of the key recommendations of the report:—

The Minister of State at the Department of the Environment, Community and Local Government with special responsibility for Housing and Planning will launch two mortgage-to-rent schemes in line with the report's recommendations. These will operate on a pilot basis initially subject to prompt review ahead of wider roll-out. Under each scheme households in extreme mortgage distress who are eligible for social housing will be able to remain in their homes as social housing tenants with either their lending institution or a housing association taking ownership of the property.

The Minister for Justice and Equality has already undertaken extensive work on the Heads of a Personal Insolvency Bill as set out in the report and these will be published shortly.

I have instructed the Banking Division of my Department to begin discussions with the banks to ensure speedy implementation of the measures set out in the report.

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