Dáil Éireann Debate, Thursday - 17 July 2014
68. Deputy Michael McGrath asked the Minister for Finance if he will provide details of the number of rent receivers appointed by each of the State-supported banks to date in 2013; and if he will make a statement on the matter. [32188/14]
Amharc ar fhreagra186. Deputy Michael McGrath asked the Minister for Finance if he will provide details, for each of the State-supported banks, the number of rent receivers appointed to date in respect of buy-to-let properties; the number of buy-to-let properties affected by such appointments; the number of rent receivers expected to be appointed over the remainder of 2014; if he will provide details of the operation of the rent receivers; the impact of the tenants concerned; his views on the appointment of rent receivers; and if he will make a statement on the matter. [32696/14]
Amharc ar fhreagraI propose to take Questions Nos. 68 and 186 together.
I have received the following information in relation to rent receivers:
AIB
AIB has appointed rent receivers for over 300 assets to date in 2014 of which c. 220 are buy to let. In total, AIB has c.1,300 assets under active rent receiver management of which c.1,050 are buy to let properties.
AIB cannot anticipate the number of receivers that will be appointed for the remainder of 2014 as it is dependent on borrower cooperation in reaching sustainable solutions. Rent receivers are usually appointed over assets where borrowers are in default and where the rent being generated from the asset is not being paid to the Bank in reduction of debt outstanding as contracted. The rent receiver collects the rent on behalf of the bank and seeks to maximise the value of the asset.
In relation to impact on tenants, the receiver may decide to sell the property with the tenant in situ or alternatively it may be sold with vacant possession. AIB ensures that the receiver acts in compliance with statutory duties and with all of the relevant laws and codes as they relate to private residential tenancies.
Permanent tsb
Permanent tsb has rent receivers appointed on 685 ptsb BTL units (353 accounts) and 173 CRE units (74 accounts). Appointments made since 1 January 2014 are 243 ptsb BTL units (140 accounts) and 8 CRE units (5 accounts). A receiver is appointed by the bank and operates as an agent of the borrower, collects rent from the tenant(s) and passes it to the bank, together with attending to any property related issues the tenant may have (in accordance with the Lease Agreement). It is almost always ptsb's desire that the existing tenant(s), provided they are paying rent, remain in the property.
In the case of Bank of Ireland the Bank has provided information in relation to rent receivers in its Annual Report for the year ended 31 December 2013 which can be found at: http://www.bankofireland.com/fs/doc/wysiwyg/bank-of-ireland-annual-report-for-the-year-ended-31-december-2013.pdf
