Éamon Ó Cuív (Galway West, Fianna Fail)
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185. To ask the Minister for Finance if he will meet representatives of the Phoenix Project, an organisation based in Portlaoise, County Laois that works with distressed borrowers on a voluntary basis, in view of their continual requests for a meeting to explain the challenges persons are face every day due to unsustainable borrowings; and if he will make a statement on the matter. [47703/14]

Michael Noonan (Limerick City, Fine Gael)
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At the outset I should say that the Government has introduced a comprehensive Strategy to address the problem of mortgage arrears based on recommendations stemming from the Interdepartmental working group on Mortgage arrears (The Keane Report) encompassing the following

1.personal insolvency reform,

2.the introduction of an advice and guidance service for those experiencing serious debt issues,

3.the introduction of a mortgage to rent scheme to enable eligible borrowers to remain in their home and

4.engagement with banks on the provision of sustainable mortgage solutions.

The Cabinet sub-Committee on Construction2020, Housing Planning and Mortgage Arrears, chaired by An Taoiseach, oversees the implementation of the Government's mortgage arrears strategy.  At official level, there is also the mortgage arrears steering group, chaired by a senior official in my Department.

The Government continuously monitors the situation in respect of mortgage arrears, through the quarterly data published by the Central Bank of Ireland and the monthly mortgage restructures data published by my own Department.  It is gratifying to note in the Central Bank statistical release for Quarter three of this year that the number of mortgage accounts for principal dwelling houses (PDH) in arrears continued to fall, marking the fifth consecutive quarterly decline.  PDH mortgage accounts in arrears over ninety days also continued to fall during quarter three.The number of PDH accounts in arrears over 720 days continues to be a concern, although it is a hopeful sign to note that the increase in the number of accounts in this category for Q3 was the lowest increase recorded in this category to date.

I believe that the Government's mortgage arrears strategy provides strong protection for cooperating borrowers.  The Central Bank continues to engage with all mortgage lenders in relation to lenders' mortgage arrears resolution strategies and approaches to dealing with borrowers in, or facing, arrears.  Early and effective engagement between borrowers and lenders is key to resolving the majority of cases of mortgage difficulty.

With regard to the Deputy's reference to continual requests for a meeting from the Phoenix Project, according to my records, all correspondence was responded to and senior officials from my Department have met with Phoenix Project representatives in the past.With regard to the question of my meeting representatives of the Phoenix Project in the future, it is standard practice for such requests to be directed in the first instance to my Office in the Department of Finance, where such requests will be reviewed in the context of my Parliamentary and Ministerial commitments.