Oireachtas Joint and Select Committees

Thursday, 10 April 2014

Joint Oireachtas Committee on Finance, Public Expenditure and Reform

Mortgage Arrears Resolution Process: (Resumed) Bank of Ireland

12:50 pm

Mr. Richie Boucher:

I will try to respond to that question and then ask my colleague, Mr. McLoughlin, to comment further. First, if the tenant has a tenancy agreement, that agreement is not impacted on by whether the property changes ownership. It is also in the bank's interest for the tenants to remain in place. In the cases we appoint a rent receiver, this is done because the tenant is paying rent, but the landlord is not paying it to the bank. The purpose in the bank appointing a rent receiver is to ensure the tenants' money is paid to the bank. Mr. McLoughlin will comment further. The basic principle from our perspective is that our receivers observe tenancy agreements and contracts.

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