Finance Committee to focus on resolution of non-performing loans

Addressing the Committee on the topic on Thursday are:

Martha O'Hagan-Luff, Assistant Professor of Finance, Trinity College Dublin    
Brendan Burgess, Financial Consultant    
David Hall, Irish Mortgage Holders Organisation  

Committee Chairman John McGuinness TD said: “Years after the crash, banks are still struggling to resolve the non-performing loans on their books. A recent report from the Central Bank has highlighted the scale of the problem, with nearly 30,000 home loans in arrears for at least two years. This is a matter of concern and hardship for the individuals and families involved. While progress has been made in the area, banks are under pressure to deal with their loanbooks and a number of banks have plans to sell on their non-performing loans. However, the fear is that non-performing loans, involving a mixture of residential and buy-to-let mortgages, will be bought up by international vulture funds. Concerns regarding the lack of regulation of vulture funds and the adherence by Credit Servicing Firms to the Code of Conduct on Mortgage arrears in dealing with customers continue to be expressed. At our meeting the Committee will examine the matter, including potential solutions, with a number of experts in this area.”

The meeting will start at 10am in Committee Room 2, Leinster House and proceeding can be followed here https://www.oireachtas.ie/en/oireachtas-tv/cr2-live/.

Committee proceedings can be viewed live here and can also be viewed on the move, through the Houses of the Oireachtas Smartphone App, available for Apple and Android devices.