Michelle Mulherin (Mayo, Fine Gael)
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To ask the Minister for Finance if he will confirm that he has no plans to interfere or change the interest rates, terms and conditions of tracker mortgages held by many borrowers; and if he will make a statement on the matter. [17386/13]

Michael Noonan (Limerick City, Fine Gael)
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Firstly, I must confirm to the Deputy that the lending institutions in Ireland, including those in which the State has a significant shareholding, are independent commercial entities. It is not appropriate for me, as Minister for Finance, to comment on or become involved in the detailed mortgage position of mortgage holders. However, the Central Bank has advised me that Banks are expected to propose long-term sustainable solutions to borrowers in arrears to assist them remain in their homes, where feasible These solutions should be suitable and tailored to each individual situation. The Bank would encourage all borrowers to engage with their lender as the Code of Conduct on Mortgage Arrears (CCMA) and the Mortgage Arrears Resolution Process (MARP) are designed to support and facilitate the finding of an agreeable solution.

The current version of the CCMA does not allow a bank to remove a borrower in arrears off a tracker rate but the proposal is if it is to the overall advantage of the borrower, e.g. linked to some debt forgiveness, then a lender may do so. This has to be an agreed solution.