Dáil Éireann Debate, Tuesday - 16 July 2013
230. Deputy Stephen S. Donnelly asked the Minister for Finance the way in which each bank is meeting the Central Bank's targets for mortgage arrears resolution; if he will provide a breakdown of the sustainable offers made, that is, split mortgage, debt for equity, capitalised arrears and so on, per bank and overall; and if he will make a statement on the matter. [34337/13]
Amharc ar fhreagra259. Deputy Pearse Doherty asked the Minister for Finance if he has received all the information due from the banks on 30 June regarding mortgage targets; if he will set out the number of banks that met the 20% requirement for sustainable solutions for mortgage holders. [34760/13]
Amharc ar fhreagraI propose to take Questions Nos. 230 and 259 together.
The Central Bank has advised me that over the coming period, the Bank will commence publication of additional statistics, designed to provide more information on the level of progress in relation to mortgage arrears resolution. One such additional measure will be the number of newly agreed loan modifications during each reference quarter. This will be captured for both temporary and permanent restructure types. A second additional measure will be the performance of restructured loans. Reporting performance against specific resolution targets, as well as the full suite of KPI’s published by the Central Bank on a quarterly basis, should provide a more complete measure of progress in addressing arrears cases.
The Mortgage Arrears Resolution Targets document, published last March, sets out the specific reporting requirements by the individual institutions. Institutions are required to report their performance against public targets on a quarterly basis to the Central Bank. These returns are due to be submitted to the Central Bank not later than 22 working days after quarter end.
The first quarter in which the targets became operational was Q2, ending in June 2013. Therefore, I shortly expect to have information regarding the banks’ progress in this regard.
