Mary Butler (Waterford, Fianna Fail) | Oireachtas source

I will bring back to the Minister what the Deputy has said, and I understand his passion. I do not think there is any Deputy in the House who has not engaged with people who have found themselves in the same predicament. I put on the record of the House that the overall level of mortgage arrears continues to decline and, as per statistics recently published by the Central Bank, the number of primary dwelling accounts in arrears is now below 46,000. The number of accounts in long-term arrears also continues to decline and is now just a little above 20,000 from 30,000 in December 2020. This is the lowest level of long-term arrears since the Central Bank started to publish regular data on mortgage arrears.

I emphasise that all regulated entities, including banks, other regulated mortgage lenders, loan owners and servicers are required as a matter of law to follow the statutory Central Bank codes of conduct, including the code of conduct on mortgage arrears and the consumer protection code. These codes are not voluntary and there can be no question of the regulated owners not following them. Failure to do so can result in the Central Bank using its range of powers to ensure adherence to the codes, including its administrative sanctions procedures or legal actions where appropriate. If the Deputy has information to indicate a regulated firm is not complying with the Central Bank's consumer protection framework, I ask that he submit the information to the Central Bank, which is the independent regulator of these financial institutions.

In addition to the protections available to consumers under financial legislation and the regulatory framework, a consumer also has recourse to the ombudsman. If a customer is not satisfied with how a regulated firm is dealing with him or her in the handling of his or her mortgage or if the consumer believes the regulated firm is not following the requirements of the Central Bank's code and regulation, he or she should make a complaint directly to the regulated firm. I will take back to the Minister what the Deputy has articulated.

See this speech in context