Dáil Éireann Debate, Thursday - 15 May 2014
75. Deputy Michael McGrath asked the Minister for Finance if the purchasers of Irish Bank Resolution Corporation mortgages are required to continue to honour the terms of restructuring agreements previously put in place with borrowers; if the new owners have approved or rejected proposed new repayment arrangements; and if he will make a statement on the matter. [22058/14]
Amharc ar fhreagraI have been advised by the Special Liquidators that the sale of a residential mortgage does not change the terms and conditions of the loan agreement in any way. Irrespective of who acquires the loan(s) they will be required to honour the legal terms and conditions of the existing loan agreement(s), including previous restructuring arrangements put in place as well as offers made to customers prior to the sale.
Borrower proposals continue to be considered by Irish Bank Resolution Corporation Limited (in Special Liquidation) in consultation with the new purchasers, and continue to be approved, rejected or amended in the normal course of business based on an assessment of the borrowers circumstances, as has been the case since the Special Liquidation commenced.
