Jim Daly (Cork South West, Fine Gael)
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Question 97: To ask the Minister for Finance the reason a bank (details supplied) is the only bank that refuses to fix the lending rate of a partially drawn down mortgage until the full amount sanctioned is drawn down by the borrower; and if he will make a statement on the matter. [6711/11]

Michael Noonan (Limerick City, Fine Gael)
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I have been informed by the Central Bank that issues such as the process in place in respect of the setting of interest rates are usually covered in the terms and conditions applying to a particular mortgage. The Consumer Protection Code, issued by the Central Bank, requires that a regulated entity must provide each consumer with the terms and conditions attaching to a product or service, before the consumer enters into a contract for that product or service, or before the cooling-off period (if any) expires. A regulated entity must also ensure that all information provided to consumers is clear and comprehensible and that key items are brought to the attention of the consumer. The method of presentation must not disguise, diminish or obscure important information. In this regard, the bank referred to by the Deputy may impose the conditions in relation to the lending rate as long as it complies with the requirements of the Consumer Protection Code and all other applicable legislation.

Jim Daly (Cork South West, Fine Gael)
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Question 98: To ask the Minister for Finance the reason the major banks here, largely owned by the State, no longer accept the [i]de minimus[/i] undertaking from solicitors for borrowings less than €75,000, thus creating an extra expense to the borrower of approximately €1,000; and if he will make a statement on the matter. [6714/11]

Michael Noonan (Limerick City, Fine Gael)
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The Solicitors (Professional Practice, Conduct and Discipline (Commercial Property Transactions) Regulations 2010 prohibits the provision of certain undertakings by solicitors in relation to commercial property transactions but this prohibition does not apply where the liability is less that €75,000. These regulations followed much publicised difficulties in relation to undertakings provided by certain solicitors in relation to property transactions.

The security required in commercial property transactions and the banks' acceptance or not of these undertakings is a matter for the legal and other divisions of the individual banks and I am aware that some banks do not accept them even where the amount is less than €75,000. However, the Government operates at arm's length from the banks and does not become involved in these types of operational matters.

Noel Harrington (Cork South West, Fine Gael)
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Question 99: To ask the Minister for Finance if his attention has been drawn to the termination of the deposit agency agreement by the Irish Nationwide Building Society with its deposit agents following the transfer of its deposit book to Irish Life and Permanent PLC; if he will confirm that all fees and commissions due to these agents will be paid in full; if he will further confirm that all agents will be paid fees and commission during this transitional period; the recompense that will be made for the termination of these agreements as per the industry norm for building society agents to these agents of the Irish Nationwide Building Society; and if he will make a statement on the matter. [6767/11]

Michael Noonan (Limerick City, Fine Gael)
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While the Minister is the holder of special investment shares in Irish Nationwide Building Society, the Society remains an independent entity and the Minister's intervention in the conduct of the Society's business is limited to that necessary to protect the public interest. Therefore, subject to that overall framework, the Society's board and management retains responsibility for the overall commercial policy and the day to day operations of the Society, including its relationship with its agents. The Society has informed me that following the transfer of its deposits to Irish Life and Permanent plc pursuant to High Court Order, the Society has now ended all its agency relationships. The Society has also confirmed that all commission payments due to agents will be calculated and these will be paid during April 2011.