Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

Cuirim fáilte roimh na finnéithe. I will start by asking a couple of questions on mica. I met with the Central Bank team privately on these issues from a consumer protection point of view. I know the bank has also met with the focus group, which we have had before the committee. There are serious issues for householders in Mayo, Donegal and elsewhere who have to rebuild their homes as a result of light-touch or no regulation at the time and have deleterious material in their homes, resulting in them being demolished and rebuilt. The banks have washed their hands of the matter, in my view. They are not going to financially contribute to the scheme, even though their assets will be restored. What oversight has the Central Bank of a bank with a mortgage secured on a home that is to be demolished? How is that recorded in relation to asset values in the banks? Does the Central Bank have any guidance on that? Have the banks written down the asset value in relation to that? What is the witnesses’ view of the fact that all mortgage contracts require the individual to seek permission to demolish their home beforehand? Is there a responsibility on the financial institution, in giving that authorisation, to satisfy itself the individual demolishing the home - that is, the homeowner - has the resources to rebuild it appropriately? That is the problem. The Government has not given a 100% grant and many people have had to, as the committee has heard, go to parents looking for loans, get credit union loans at 8% interest and in some cases have had to get bridging finance at rates over 8%. It is €60,000 in some cases. Many people I know in my constituency will not get those loans. Some are over the age of 65 and will not get them. The BPFI is doing work on this and there will be an announcement tomorrow but there is an issue of consumer protection here. What action is the Central Bank taking in relation to the thousands of homeowners in this situation who are not getting access to credit to rebuild their homes and in relation to the conditions for extending their mortgage, in terms of permission to demolish and rebuild?