Michael D'Arcy (Fine Gael) | Oireachtas source

I ask the Leader to arrange a debate with the Minister for Finance on sharp practice by banks and other financial institutions. As most people are aware, the Central Bank of Ireland has a code of conduct on mortgage arrears to which the lending institutions are obliged to adhere. It is disturbing to note that they are failing to do so in many cases. Bank customers who find themselves in mortgage distress are not being provided with the correct information on the code of conduct and on the mortgage arrears resolution process, MARP. While it is easy to blame banks in general, in this case the fault lies with individuals in the banks. I would go as far as to argue for sanctions to be applied to staff in lending institutions who are not doing their job correctly. Responsibility lies with regional managers but the ultimate sanction for any lending institution is to have its banking licence removed. While I realise this sanction will not be applied, I call for a debate with the Minister of Finance to ascertain what precisely can be done in respect of bank staff who are not adhering to the obligations set out in the code of conduct on mortgage arrears. Sanctions must be applied to bank employees who act irresponsibly by putting people under pressure and telling them they must sell their family home after six months in arrears. This approach is wrong and unreasonable.

I would like the Minister for Finance to come into the House to debate this issue immediately.