Mortgage Arrears Proposals

Dáil Éireann Debate, Tuesday - 2 July 2013

Tuesday, 2 July 2013

Ceisteanna (121)

Mary Lou McDonald

Ceist:

121. Deputy Mary Lou McDonald asked the Minister for Finance if he will provide an overview of the submissions made to the Central Bank’s review on the Code of Conduct on Mortgage Arrears; and if he will state the number of submissions that proposed the following, namely, a removal of the 12 month moratorium on repossessions, a removal or loosening of the three contacts rule with owners in mortgage difficulty, the facilitation of a movement off tracker mortgages in some cases, and the need for a greater role for Money Advice and Budgeting Service in the resolution process. [31866/13]

Freagraí scríofa

Minister for Finance

The Central Bank has now concluded a review of the Code of Conduct on Mortgage Arrears (CCMA), following a public consultation process, with in excess of 230 submissions received. The revised CCMA was published on 27 June 2013 and came into effect on 1 July 2013. The submissions made to the public consultation, as well as a feedback document which outlines the Central Bank’s response to the main issues raised in the consultation, have both been published on the Central Bank’s website www.centralbank.ie.