Niall Collins (Limerick County, Fianna Fail) | Oireachtas source

I again thank the Deputy for raising the issue. In the first instance, I would encourage any person who is experiencing a repayment difficulty, or who has any other genuine concern in respect of their mortgage, to contact their mortgage creditor to discuss the matter. Of course, it is also essential that, in turn, these Central Bank-regulated entities, irrespective of whether they are a bank, a retail credit or a credit servicing firm, constructively engage with their borrowers to address any legitimate concern raised and act fairly in the interest of their customers. That is what lenders are required to do under the Central Bank consumer protection framework and it is the minimum standard with which Central Bank-regulated firms are expected to comply.

The Deputy will be interested to know that the Minister for Finance has tasked officials with reviewing the current mortgage arrears framework and an interdepartmental group has been established to review the mortgage arrears framework. The mortgage arrears group comprises representation from 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 among the agencies and bodies, and 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.

See this speech in context