Michael McGrath (Cork South Central, Fianna Fail)
Link to this: Individually | In context | Oireachtas source

To ask the Minister for Finance the forbearance options offered by each of the covered banks in respect of customers in difficulty with their mortgage repayments; if the Central Bank of Ireland has requested that information in relation to forbearance options is made available in an accessible format to customers; and if he will make a statement on the matter. [46401/12]

Michael Noonan (Limerick City, Fine Gael)
Link to this: Individually | In context | Oireachtas source

In addition to the forbearance measures provided for in the revised code of conduct on mortgage arrears, each of the covered banks have or are developing, having regard to individual circumstances, a range of further options under the MARS process in respect of their customers experiencing difficulty with their mortgage. While each bank will have its own particular suite of options, the overall range of measures provided or to be provided by the covered banks includes options such as term extensions, split mortgages, deferred interest scheme, trade down, mortgage to rent and voluntary sale/surrender (or a combination of some of these). In relation to any forbearance offer made by the covered banks, or indeed by any other regulated mortgage lender, under the MARS process the Central Bank advises that chapter 4.21 of the Consumer Protection Code will apply and it requires that ‘Prior to offering, recommending, arranging or providing a product, a regulated entity must provide information, on paper or on another durable medium, to the consumer about the main features and restrictions of the product to assist the consumer in understanding the product. To the extent that the contract for the provision of the product is a distance contract for the supply of a financial service under the European Communities (Distance Marketing of Consumer Financial Services) Regulations 2004, the Regulations apply in place of the requirement set out in the first sentence of this provision.

Michael McGrath (Cork South Central, Fianna Fail)
Link to this: Individually | In context | Oireachtas source

To ask the Minister for Finance if the Central Bank of Ireland is updating its code of conduct on mortgage arrears to reflect the provisions of the Personal Insolvency Bill; and if he will make a statement on the matter. [46402/12]

Michael Noonan (Limerick City, Fine Gael)
Link to this: Individually | In context | Oireachtas source

The Central Bank has informed me that it will commence a review of the Code of Conduct on Mortgage Arrears in the first quarter of 2013. The Central Bank would normally conduct a review a reasonable time after implementation and the Code will require updating due to the proposed introduction of both the Personal Insolvency Arrangement insolvency framework and longer term mortgage resolution options. The review will take into consideration recent developments that may be relevant to the issue of mortgage arrears, including all relevant Acts of the Oireachtas.