Dáil Éireann Debate, Wednesday - 19 February 2014
100. Deputy Martin Heydon asked the Minister for Finance if his attention has been drawn to the concerns of the Irish Bank Resolution Corporation mortgage holders at the prospect of the IBRC mortgage book being sold to an unregulated entity and the uncertainty and stress that this is causing; the actions he will take to allay these fears and provide protection for those mortgage holders; and if he will make a statement on the matter. [8600/14]
Amharc ar fhreagraI am fully aware of the concerns raised by the IBRC mortgage holders regarding continued protection for those customers following the sale of the loan book by the Special Liquidators. The continued applicability of the Code of Conduct on Mortgage Arrears (CCMA) depends on the regulatory status of the ultimate acquirer of the IBRC portfolio which will not be know with certainty until that process is completed next month. However, given the concerns raised by IBRC customers I have instructed my officials to examine the issue fully, in consultation with the Central Bank, with a view to bringing forward a solution if required.
It is important to note that in the event that NAMA acquire the IBRC residential mortgage book they are likely to apply best practice in relation to CCMA and they have confirmed that no borrower will be in any worse a position. Furthermore I am also pleased to note that a number of unregulated firms have indicated that they intend to voluntarily adopt the CCMA in order to manage acquired loans as they believe that following CCMA is in the best interests for both them and their customers.
