Dáil Éireann Debate, Wednesday - 16 May 2012
77 Deputy Joanna Tuffy asked the Minister for Finance if he has been given details of proposals by banks to introduce split mortgages for families experiencing difficulties making repayments on their mortgage; if he is satisfied that the proposals will be in keeping with his overall strategy to address the issue of mortgage arrears; and if he will make a statement on the matter. [24378/12]
Amharc ar fhreagraThe Central Bank is engaging with all regulated mortgage lenders on the mortgage arrears resolution strategies project. This is a key element of the overall approach to address the mortgage arrears problem. The objective of this engagement is to ensure that each lender has an effective strategy and plan for dealing with its mortgage customers who are, or who are likely to be, in difficulty. I am informed by the Central Bank that, in line with its on-going engagement and work, lenders are currently submitting to it the options they propose to make available to tackle this long term problem. Those options may include the products referred to in the report from the Interdepartmental Mortgages Arrears Group, such as split mortgages. The Central Bank has indicated to me that lenders are expected to start piloting these options over the summer with full roll out commencing towards the end of the year.
