Written answers

Wednesday, 27 March 2013

Department of Finance

Mortgage Resolution Processes

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

To ask the Minister for Finance the reason certain banks operating in Ireland are covered by the recent announcement dealing with the restructuring of mortgages; if he intends to address this matter to ensure that the same opportunities are afforded to mortgage holders of banks not covered by the initiative; and if he will make a statement on the matter. [15382/13]

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

The Deputy will be aware that on 13 March 2013 the Central Bank announced new measures to address mortgage arrears, including the publication of performance targets for the main mortgage banks. The targets are set in relation to both Principal Dwelling Homes and Buy to Let mortgages. The new approach is aimed at ensuring that banks offer and conclude sustainable solutions for their customers in arrears by setting specific performance targets and proposing revisions to provisioning standards.

Performance targets have been set for: ACC, AIB, Bank of Ireland, KBC Bank Ireland, Permanent TSB and Ulster Bank.

The Central Bank has advised that these institutions cover the vast majority of the mortgage book in Ireland, accounting for around 90% of mortgages held, and that it will examine whether it should extend the targets to other mortgage lenders in due course.

Comments

No comments

Log in or join to post a public comment.