Seymour Crawford (Cavan-Monaghan, Fine Gael)
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Question 22: To ask the Minister for Finance if he has set specific requirements in the bank plans submitted under the guarantee scheme for the handling of mortgage arrears and repossessions. [45160/08]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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The terms and conditions of the Scheme include paragraph 26 of the Scheme, which states "Each covered institution shall, at such frequency as the Minister shall determine, confirm in writing to the Minister its compliance with the Irish Banking Federation Code of Practice on Mortgage Arrears and the Consumer Protection Code issued by the Regulatory Authority."

Moreover, the Scheme requires each covered institution to report quarterly to the Financial Regulator, providing the Regulator with compliance certificates from: (i) its auditors; and (ii) its chairman and chief executive jointly, confirming compliance with all of the terms and conditions of this Scheme.

Discussions are currently ongoing between my Department and the covered institutions regarding the compliance certificates for the first quarter. However, I have been assured by the covered institutions that they are operating in compliance with the Irish Banking Federation's Code of Practice on Mortgage Arrears and the Financial Regulator's Consumer Protection Code.