Oireachtas Joint and Select Committees

Thursday, 10 May 2018

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach

Banking Sector: Quarterly Engagement with the Central Bank of Ireland

9:30 am

Photo of Michael McGrathMichael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

The reason I asked about this is that my experience has been that the funds are far less willing and far less likely to enter into these restructuring arrangements. Typically, they do not do the mainstream most popular forbearance measures of arrears capitalisation, term extension, interest only and so on. They just do not do them. I am dealing with these types of cases. I have written to the bank about Tanager, which involves a group of customers who had arrears several years ago and have had consecutive years of making their repayments 100% in terms of interest and capital. They have asked can they recapitalise those old arrears, put them on the mortgage and spread them out over the remainder of the term, and the answer they have got is: "No. We do not do arrears capitalisations".

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