Mairead Farrell (Galway West, Sinn Fein) | Oireachtas source

Gabhaim buíochas leis an gCathaoirleach agus leis na haíonna as a bheith ag labhairt linn inniu. I have been contacted by a woman who is a front-line worker. She has worked throughout the pandemic and has a six-month payment break which finishes at the end of this month. Her husband is out of work because he cannot get work under the public health restrictions. The cost of their mortgage has increased in full by €2,000 and their household income has decreased by €2,000 a month. They have engaged with their mortgage provider and have asked for an interest-only option. That has been refused. They are only looking at the income of the husband which has decreased to the PUP level. He has an income of €300 a week. This is the reality of the impact that this is having.

Section 39 of the code of conduct on mortgage arrears, CCMA, which applies in normal times and these are particularly extraordinary times, provides "that a lender must explore all of the options for alternative repayment arrangements offered by that lender". Section 40 of the CCMA states:

A lender must document its considerations of each option examined under Provision 39 including the reasons why the option(s) offered to the borrower is/are appropriate and sustainable for his/her individual circumstances and why the option(s) considered and not offered to the borrower is/are not appropriate and not sustainable for the borrower’s individual circumstances.

I have heard the witnesses say that they are pushing hard for banks to engage. In the particular case I have mentioned, the engagement is not bringing about a fruitful outcome for the front-line worker and her family. The Central Bank has the power to administer sanctions for contravention of the CCMA under Part IIIC of the Central Bank Act 1942. I am interested to hear what the Central Bank will do to sanction the banks. We are hearing at the moment of potential fines for breaches when people move between counties. Is the Central Bank considering fines or other sanctions if banks refuse to offer alternative payment arrangements at a time when their customers simply cannot go to work because of public health guidelines?