Dáil Éireann Debate, Tuesday - 22 May 2018
132. Deputy Peter Burke asked the Minister for Finance the status of his efforts to have a bank's (details supplied) split mortgages reclassified as performing loans by the single supervisory mechanism; and if he will make a statement on the matter. [22035/18]
Amharc ar fhreagraAs the Deputy is aware the Single Supervisory Mechanism (SSM) has issued supplementary guidance in respect of the classification of Split Mortgages that has clarified its expectations in respect of the criteria to be met for classification of a Split Mortgage as performing. This is currently being analysed by PTSB and will be assessed in conjunction with other options which may be available.
In that regard I note their announcement on 16 May 2018 that PTSB has decided to withdraw €0.9bn of PDH Split Mortgages from its Project ‘Glas’ sale transaction. These are mortgages linked to Principal Dwelling Homes where the borrowers are meeting the terms agreed with the bank.
The bank continues its engagement in respect of the regulatory classification of these mortgages and will also consider alternative options for these loans, including options which will result in the bank continuing to maintain the relationship with the account holders.
