Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

The Central Bank is responsible for the code of conduct on mortgage arrears. It initially proceeded in this regard by publishing a draft code and it then took into account advice it received. The code was put out for public consultation, 230 submissions were made and it was modified accordingly. The final version which has been promulgated seems to have attracted significantly more support than the draft version. The Central Bank commenced this process in 2009 when it issued a statutory code of conduct on mortgage arrears. As matters progressed, the relevant group recommended that the mortgage arrears resolution process, MARP, and the appeals process be formally reviewed within 18 months of the announcement. Consequently, a review took place in 2011 and another is currently taking place. I presume this is principally due to the fact that matters have again moved on and because the insolvency legislation is coming into effect.

The House will be aware that the Personal Insolvency Act 2012 provides new statutory insolvency frameworks to allow debtors - through the utilisation of professional personal insolvency practitioners - and creditors to consider arrangements to resolve and make sustainable mortgage and personal debt. The code of conduct has been in place since 2009. It was reviewed in 2011 and it is now being reviewed again in light of prevailing circumstances and the current legal position.

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