Dáil Éireann Debate, Thursday - 4 October 2012
49. Deputy Charlie McConalogue asked the Minister for Finance his views on reports that 50,000 buy to let mortgages are in arrears; the way this is impacting on the overall housing market; his plans to address same; and if he will make a statement on the matter. [42307/12]
Amharc ar fhreagraThe Central Bank of Ireland is engaging with all regulated mortgage lenders to ensure they have a robust strategy in place, incorporating a range of short and long term arrangements, to deal with mortgage arrears, both in respect of private residential mortgages and buy to let properties. To date there has been no official statistics on arrears in the buy to let market. However the Central Bank has informed me that its quarterly arrears statistics has recently been enhanced and that it will include this data in its publication for the quarter ending September 2012 which is scheduled for release in December.
My Department is closely monitoring developments in the property market. Officials in my Department have already held meetings with the banks and relevant stakeholders in the industry to assess best policy approaches. However intervention in the property market is fraught with unintended consequences as the Deputy will be aware and I will continue to take account of the Central Bank’s quarterly statistics in developing strategy.
