Seán Fleming (Laois-Offaly, Fianna Fail)
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52. To ask the Minister for Finance if he is concerned that the transfer from Dublin to Edinburgh of Ulster Bank's mortgage arrears unit will adversely affect the ability of the bank to meet its targets under the mortgage arrears resolution targets; and if he will make a statement on the matter. [5812/14]

Michael Noonan (Limerick City, Fine Gael)
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The Central Bank has advised that it does not comment on the commercial decisions of individual regulated entities. In a supervisory capacity, the Central Bank oversees and reviews bank practices and regulatory adherence. In addition, the Central Bank monitors the specified Credit Institutions in relation to the Mortgage Arrears Resolution Targets (MART).

The Deputy will be aware that the Central Bank's Mortgage Arrears Resolution Targets announced last March set time bound and measurable targets for the main banks requiring them to systematically address their arrears book. The specified Credit Institutions to which the MART applies are:

- ACC;

- AIB;

- Bank of Ireland;

- KBC Bank Ireland;

- Permanent TSB;

- Ulster Bank.

On the basis of their audit of the bank s mortgage arrears targets, the Central Bank has indicated that all six mortgage lenders covered by the MART process have reported that they met the 20% proposed sustainable solutions target for the second quarter of 2013 and also the 30% target for the third quarter in 2013.

Public quarterly targets have now been set for the period up to June 2014 requiring the banks to propose by end-March 2014 sustainable solutions to 70% of mortgages in arrears greater than 90 days, rising to 75 % by the end of June 2014. The Central Bank is now also requiring banks to conclude sustainable solutions with 15% by end December 2013, 25% by end March 2014 and 35% by end of June 2014.

Preparation work is underway by the Central Bank for the next round of MART audits which will focus on the Quarter 4 2013 MART submissions reviewing progress made against cumulative proposed and concluded targets. The RBS review by the UK Government confirms the continuing role that Ulster Bank will have in the lending and deposit taking business for all customers here in Ireland. The consumer protections provided by the Code of Conduct on Mortgage Arrears and the Consumer Protection Code are still available to Ulster Bank customers.