Leo Varadkar (Dublin West, Fine Gael) | Oireachtas source

This is a hugely important issue for Deputies given the number of people who have raised it today. I reiterate that, as a Government, we stand on the side of people and families who are making an honest attempt to settle their debts and pay off their mortgages and loans, whether business or personal loans. PTSB has not yet sold any of these loans and it has not identified a buyer. People are assuming that the buyer will be a so-called vulture fund. I am not sure if that assumption is correct. PTSB is required to consult the Minister for Finance before advancing any sale because we are the 75% owner of the bank. That has not yet happened.

A Code of Conduct for Mortgage Arrears is in place and it applies to loans and mortgages that are sold on to another buyer. Under the code, a lender may only commence legal proceedings for repossession of a borrower's primary residence where the lender has made every reasonable effort under the code to agree alternative repayment arrangements with the borrower and the specific timeframes set out in the code have been adhered to or the borrower has been classified as not co-operating and notified in accordance with the code. When the courts are presented with repossession cases, they take that seriously.

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