Oireachtas Joint and Select Committees

Tuesday, 8 April 2014

Joint Oireachtas Committee on Finance, Public Expenditure and Reform

Mortgage Arrears Resolution Process: (Resumed) Ulster Bank

3:40 pm

Mr. Jim Brown:

We can talk about this in a little more detail. We proceed on a case-by-case basis. First, we have started appointing rent receivers only over the past 12 months. The reason is twofold. One aspect concerns where the mortgages were not being paid. Cash may have been received on the properties but was not being paid to the bank. Second, in many cases the properties were falling into disrepair. Therefore, putting a rent receiver in place allowed us to deal with that. We are very conscious of the impact it could have on tenants. Hence, we proceed on a case-by-case, lease-by-lease basis, as Mr. Bell mentioned. I do not know whether Mr. Bell wants to elaborate on that.