Oversight of financial institutions is outside the scope and remit of my Department but I confirm that I have engaged with my colleague, the Minister for Finance on these matters.
The Minister for Finance advised that neither he nor his Department have any role in relation to the commercial decisions of individual regulated entities, such as decisions they may make on applications for credit, or in respect of individual actions they may take to assist households with a mortgage which is secured on a residence affected by mica or pyrite.
Notwithstanding this, engagement is on-going with the Banking and Payments Federation (BPFI) on specific issues raised by Defective Concrete Block homeowners to see what can be done to address their concerns. In this regard I met with the BPFI on 2 February 2023 and, in the meeting, I stressed the need for a fair and consistent approach to be taken by the banking sector with customers with distressed mortgage issues arising from the effects of defective concrete blocks on their houses. I asked the BPFI to engage with their members in this regard.
