Tuesday, 5 November 2013
Order of Business
This service is to be paid for by AIB and provided by the Irish Mortgage Holders Organisation. I have said on many occasions in this House that it is inappropriate for banks to be acting as the sole judge and jury over their own borrowers. The fact of the matter, and we all know this from engaging with borrowers directly ourselves, is that many borrowers are intimidated in dealing with their lending institution and it certainly is not an equal relationship. Many borrowers do not feel that they are on an equal footing in dealing with their lending institutions. I hope this service will be effective and that it will be properly resourced by AIB and will lead to more sustainable mortgage solutions. However, the fact remains that many borrowers who are not with AIB or EBS need such a service. They need an expert to stand between them and the lending institution. I have proposed on a number of occasions in this House that an expert arm of the Money Advice and Budgeting Service, which is an excellent service but unfortunately very under-resourced in dealing with the current crisis, should be established to operate on a regional basis that would be available for all borrowers, irrespective of the lending institution with which they are dealing.