Fidelma Healy Eames (Fine Gael) | Oireachtas source

I have heard what the Minister of State has had to say but we have an opportunity to make even more progress. As he said, the quicker we are out of this, the better. We will not solve the problem completely but there is a missed opportunity here, as written in the reply. It states:

The code of conduct on mortgage arrears makes clear that banks can commence legal proceedings in respect of a mortgage secured on the primary home of a co-operating borrower only where they have fully engaged with the borrower and taken into consideration all the options for alternative repayment arrangements offered by them as a way of addressing a mortgage difficulty. Banks which do not comply with the code of conduct are not acting in a manner consistent with the MART process.

Why is the Central Bank not using the mortgage arrears and resolution process to tightly measure and manage progress? The audit referred to by the Minister of State would be made easier if the MART process was enforced and reported, not just by commercial banks but by the oversight of the Central Bank. We are missing an opportunity to make more progress.