Debt Resolution Pilot Scheme

Dáil Éireann Debate, Wednesday - 22 May 2013

Wednesday, 22 May 2013

Ceisteanna (70)

Thomas P. Broughan

Ceist:

70. Deputy Thomas P. Broughan asked the Minister for Finance if he will report on the third party service provider that will be selected to operate under the recent launched Framework for a Pilot Approach to the Coordinated Resolution of Multiple Debts owed by a Distressed Borrower; if the Money Advice and Budgeting Service will be selected as the third party service provider in view of the wealth of experience that MABS has in dealing with distressed borrowers; his views on recent reports that a company from the UK is being considered as the third party service provider; and if he will make a statement on the matter. [24603/13]

Freagraí scríofa

Minister for Finance

The Central Bank has advised that it has been agreed among the lender participants to use an independent third party service provider as the most appropriate way to engage with borrowers, whose consent to participate will be sought and required to take part in the pilot. I am informed by the Central Bank that discussions are underway to determine the most appropriate provider and that no decision on this has yet been made. However, I also understand that an important consideration for the Central Bank in this matter, due to the short timelines involved, is the ability of the provider to provide an effective and efficient service at short notice.