Dara Calleary (Mayo, Fianna Fail)
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To ask the Minister for Finance if he will request the banks to make information on options available to customers in financial distress in an easily accessible manner on their websites; and if he will make a statement on the matter. [50485/12]

Michael Noonan (Limerick City, Fine Gael)
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I have been advised by the Central Bank that banks must comply with the requirements of the Code of Conduct on Mortgage Arrears. Provision 12 requires that ‘A lender must prepare and make available to borrowers, an information booklet providing details of its Mortgage Arrears Resolution Process, which must be drafted in accordance with the requirements set out in provision 10 and must include:

a) an explanation of its MARP, including the alternative repayment measures available to borrowers and outline in general terms, the lender’s criteria for assessing requests for alternative repayment measures;

b) a statement that the borrower will not be required to change from an existing tracker mortgage to another mortgage type;

c) information about the potential availability of relevant State supports such as mortgage interest relief or Mortgage Interest Supplement;

d) relevant contact points (i.e., the dedicated arrears contact points not the general customer service contact points); and

e) reference to relevant website(s) operated by the Money Advice and Budgeting Services.

Furthermore, Provision 13 requires that ‘A lender must have a dedicated section on its website for borrowers in, or concerned about, financial

difficulties which must include:

a) the information booklet required under provision 12;

b) information on the level of charges that may be imposed on borrowers that do not co-operate with the lender; and

c) a link to any website operated by the MABS that contains information about mortgage arrears.

The information on the web-site must be easily accessible from a prominent link on the lender’s home page. Some lenders have developed budgeting tools, videos to help customers complete the Standard Financial Statement and FAQ sections on mortgage arrears and forbearance arrangements on their websites.

The Central Bank recently wrote to all lenders to remind them of these Provisions and that their MARP booklet and websites should be updated to include the longer term options as they are rolled out and to make reference to the Government initiatives in this area. A copy of the "Code of Conduct on Mortgage Arrears" and of the "Mortgage Arrears - a Consumer Guide to Dealing with your Lender", is available at www.centralbank.ie