Dáil Éireann Debate, Thursday - 4 October 2012
26. Deputy Jonathan O'Brien asked the Minister for Finance the recommendations contained in the Keane Report that have been implemented by his Department and the actions taken on each of these recommendations. [42271/12]
Amharc ar fhreagra68. Deputy Denis Naughten asked the Minister for Finance the progress he is making to assist families in mortgage difficulty; and if he will make a statement on the matter. [42246/12]
Amharc ar fhreagraI propose to take Questions Nos. 26 and 68 together.
Mortgage holders who are in difficulty with their mortgage obligations in respect of their primary residence have significant protections available to them under the Central Bank’s Code of Conduct on Mortgage Arrears. The Department of Social Protection’s mortgage interest supplement scheme also provides for direct support to mortgage holders that have had to avail of social welfare support. Budgeting and debt advice is also available through MABS which is also funded by the Department of Social Protection.
In addition, last October the Government published the Report of the Inter-Departmental Working Group on Mortgage Arrears (“Keane Report”) and the implementation of its recommendations is now a significant part of the Government’s overall efforts to tackle mortgage difficulty.
A number of significant milestones have now been achieved in the implementation of the report's recommendations. These are:-
- The Personal Insolvency Bill was approved by Government on 26 June 2012 and published on 29 June 2012. The Committee stage of the Bill was passed by the Dáil on 13 September;
- The Minister for Housing and Planning formally launched the “mortgage to rent” scheme on a nationwide basis at the end of June;
- An extensive independent advice framework has now been put in place comprising of (i) an enhanced website, www.keepingyourhome.ie , (ii) a Mortgage Arrears information helpline, and (iii) a service to provide free independent ‘one-to-one’ professional financial advice to borrowers in mortgage distress. The advice will be provided by a panel of accountants and a protocol has been agreed between recognised accountancy bodies and the lenders. The list of accountants providing the service is located on the keepingyourhome.ie website.
The Government remains very committed to progress measures to assist genuine mortgage holders in difficulty and the Government committee on mortgage arrears, which is chaired by An Taoiseach, continues to meet. It is the intention of Government to ensure that those mortgage holders in genuine difficulty will receive appropriate assistance and a high priority has been assigned by Government to the implementation of this broad range of measures to assist those experiencing difficulty on their mortgage across the relevant Departments and agencies.
