Michael McGrath (Cork South Central, Fianna Fail)
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With regard to the mortgages in arrears, the bank has provided us with a lot of data and details of the restructuring arrangements it enters into. Earlier in private session, the committee agreed to write to all the lenders to clarify their policies in respect of the application of legal fees to mortgage accounts in arrears. Prior to a repossession order being secured, where a threatening legal letter has been issued or where court proceedings are about to commence, what is the bank's policy on applying legal fees to those mortgage accounts in arrears? Some lenders seem to be doing it. It is an issue I raised by way of parliamentary question with the Minister, which was passed on to the Central Bank, and the position seems to be unclear as to what the banks are entitled to do under the mortgage arrears resolution programme. I do not know whether the witnesses have this level of detail as to what the bank does in respect of legal fees.