Neale Richmond (Dublin Rathdown, Fine Gael) | Oireachtas source

Regarding the matter raised by the Deputy, first and foremost the Government would encourage any person who has experienced a repayment difficulty or has any other genuine concern about their mortgage to contact their mortgage creditor to discuss the matter in the first instance. Of course, it is also essential that the Central Bank-regulated entities, irrespective of whether they are banks, retail credit firms or credit servicing firms, constructively engage with their borrowers to address any legitimate concerns raised and to act fairly in the interests of their customers. This is a warning from the Government. It should be followed up by the Central Bank, as the Deputy has requested. This is what lenders are required to do under the Central Bank consumer protection framework. It is the minimum standard that Central Bank-regulated firms are expected to comply with.

The Deputy will be interested to know that the Minister for Finance, Deputy Michael McGrath, has tasked officials to review the current mortgage arrears framework. An interdepartmental group has been established to review the framework. The mortgage arrears group comprises representatives form the Departments of Finance; Justice; Housing, Local Government and Heritage; and Social Protection. The focus of the group will be to consider the impact of the mortgage arrears framework and the current resolution options across the agencies and bodies, and to recommend refinements and improvements to better address the economic and social impact of mortgage arrears. The mortgage arrears group has commenced its work and will report on its review during the second quarter of 2024. I thank the Deputy again for bringing this matter to the House.

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