Michael Noonan (Limerick City, Fine Gael)

The code of conduct on mortgage arrears has been substantially revised to implement the recommendations of the mortgage arrears and personal debt expert group which published its final report in November last. It sets out how mortgage lenders must treat borrowers when facing mortgage arrears, with due regard to the fact that each case of mortgage arrears is unique and needs to be considered on its merits. In this context, the Government's economic management council recently asked that further work be carried out to address the situation of over-indebted mortgage holders with a view to identifying a range of responses appropriate to individual circumstances. The work will be undertaken by a group which is chaired by Mr. Declan Keane, an accountant seconded to the Department of Finance, and will report by the end of September.

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