Ossian Smyth (Dún Laoghaire, Green Party) | Oireachtas source

As I mentioned, there is a strong consumer protection framework in place to protect mortgage and other loan borrowers. Borrowers have a suite of protections and lenders have a range of responsibilities to discharge when dealing with borrowers in arrears. There are also a number of public supports available to borrowers in debt difficulty, such as MABS and the Abhaile service for mortgage debt. I encourage any borrower who is experiencing difficulty to engage with these services. If a borrower is in significant difficulty, the Deputy may also wish to note that there is also scope for a personal insolvency practitioner, PIP, to be appointed by a borrower to assist him or her in reaching a satisfactory outcome with the lender. Where a PIP is appointed, the PIP may make a proposal to the borrower's creditors, and even where that proposal is rejected by the creditors, there is the ability, if the arrangement includes a loan which is secured on a principal private residence, for it to be adopted by the courts.

As the Deputy will know, the Minister for Justice is currently bringing forward legislation to extend the circumstances in which this option is available to borrowers. Much has been done over the last years to enhance protections for borrowers and I assure the Deputy that the Minister for Finance will continue to work with the Central Bank, as regulator, to ensure that the full suite of consumer protection measures is available to borrowers and that lenders who do not meet their requirements are dealt with appropriately under the supervisory framework for regulated financial service providers.

See this speech in context