Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

I thank the Deputy for raising this issue. I fully empathise with the terrible plight of those homeowners who are dealing with the devastation that mica has caused to their homes. I will do all that I can while I am in this office to help them and to support them.

The Government response to the mica issue is led by my colleague the Minister for Housing, Local Government and Heritage, Deputy Darragh O'Brien. As the Deputy is aware, a scheme of financial support to help affected homeowners has been put in place.

Regarding financial institutions that provide mortgages to help people to buy or build their own home, as the Deputy is aware, the Central Bank is responsible for the regulation and supervision of financial institutions in terms of consumer protection and prudential requirements. Through its consumer protection role, the Central Bank sets out requirements in its codes of conduct which detail how regulated firms such as banks should deal with and treat their customers.

In particular, the code of conduct on mortgage arrears, CCMA, places a requirement on regulated entities to have fair and transparent processes in place to deal with borrowers who are in, or are facing, arrears on a mortgage secured on a primary residence. It sets out the process that entities must follow in such cases. The CCMA sets out a standardised mortgage arrears resolution process that all regulated entities must follow, which entails communicating with the borrower, gathering relevant financial information, assessing the borrower’s circumstances and proposing a resolution.

Due regard must be given to the fact that each case is unique - many of these cases are certainly unique - and needs to be considered on its own merits. All cases must be handled sympathetically and positively by the regulated entity, with the objective at all times of assisting the borrower to meet his or her mortgage obligations. That must apply in these cases more than any other.

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