Michael D'Arcy (Wexford, Fine Gael) | Oireachtas source

I will not finish this in a minute, if the Chairman could indulge me, please.

Members will also be aware of the code of conduct on mortgage arrears, CCMA, which set out how mortgage lenders must treat borrowers in or facing mortgage arrears, with due regard to the fact that each case of mortgage arrears is unique and needs to be considered on its own merits, with the objective of at all times assisting the borrower to meet his or her mortgage obligations. Members will see from the range of initiatives to address mortgage arrears already implemented, that the Government is already committed to providing support for borrowers in mortgage arrears and will continue to address outstanding commitments contained in the programme for partnership and the Action Plan for Housing and Homelessness.

On 8 June, the Central Bank stated that there were 735,000 primary dwelling home mortgages outstanding at the end of the first quarter of 2017. Some 90% of these accounts are not in arrears. The majority of mature categories of arrears, including those in long term arrears, are now declining. There has been a reduction of 46% in the number of primary dwelling homes accounts over 90 days in arrears since the peak of the third quarter 2013. This cohort stands at 53,100 accounts. The equivalent reduction in buy-to-let properties in arrears over 90 days is almost 36%. Accounts in arrears over 730 days now number almost 33,000, with outstanding balances over €7.4 billion.

These figures indicate that where borrowers actively engage with their lender under the CCMA, it is more likely that an equitable arrangement will be found and the borrowers will be able to remain in their family home which is everybody's objective. I believe the introduction of the National Housing Co-operative Bill could undermine that good work to date by encouraging indebted mortgage holders eligible for a mortgage restructuring arrangement to wait and see how this legislation pans out. This would be a negative outcome and mortgage arrears would continue to increase, leaving them with a larger debt to resolve in the future.