Pearse Doherty (Donegal South West, Sinn Fein)
Link to this: Individually | In context | Oireachtas source

257. To ask the Minister for Finance if he will provide a list of the legislative, including secondary, changes required to implement the policy announcement of 13 May 2015 on mortgage arrears; and if he will make a statement on the matter. [19813/15]

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

On 13 May, the Government announced a number of measures to support mortgage holders who are in arrears.  Building on action previously taken, the measures aim to increase the supports available to people in arrears and to increase the numbers of people availing of them. 

This package will reform the Personal Insolvency framework to give Courts the power to review, and where appropriate, to approve insolvency deals that have been rejected by creditors.  The Mortgage to Rent (MTR) scheme will also be expanded and the scheme will be made more accessible.  It was also agreed that the Money Advice and Budgeting Service (MABS) will play a greater role in offering information, advice and assistance to borrowers in arrears.

As responsibility for Personal Insolvency reform comes under the responsibility of the Minister for Justice & Equality, responsibility for MABS rests with the Tánaiste and Minister for Social Protection and responsibility for introducing enhancements to the MTR scheme rests with the Minister for Environment, Community & Local Government, they are best placed to advise on any necessary legislative amendments.  For my own part, I can confirm that there are no legislative changes, including secondary legislative changes, specifically required to progress actions associated with my Department's functional responsibility arising from the policy announcement of 13 May last. 

Pearse Doherty (Donegal South West, Sinn Fein)
Link to this: Individually | In context | Oireachtas source

258. To ask the Minister for Finance if he will provide a list of all the bodies, persons and organisations he has consulted with, prior to his announcement of 13 May 2015, related to mortgage arrears; and if he will make a statement on the matter. [19816/15]

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

On 13 May last the Government announced a number of new measures to support mortgage holders in arrears.  This announcement was coordinated by the Department of the Taoiseach.

On a continuing basis, my Department actively engages with key stakeholders involved in addressing mortgage arrears.  In addition to ongoing regular discussions with other Government Departments and agencies, in advance of the recent announcement, discussions have been held over recent months with a range of individuals and organisations including - the Central Bank, the Insolvency Service of Ireland, the Housing Agency, FLAC, MABS, the Irish Mortgage Holders Organisation, the Phoenix Project, StepChange, the consumer advocate Mr. Brendan Burgess, the Banking & Payments Federation of Ireland (BPFI) and the main mortgage lenders.

These engagements have been very useful and allow for a greater understanding of the issues which in turn assists in developing the Government's strategy to deal with mortgage arrears.

Pearse Doherty (Donegal South West, Sinn Fein)
Link to this: Individually | In context | Oireachtas source

259. To ask the Minister for Finance if he will provide a list of the companies or persons contracted to provide advice or expertise, prior to his announcement of 13 May 2015, related to mortgage arrears, and in each case, if he will provide the financial details of the contract; and if he will make a statement on the matter. [19819/15]

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

There were no companies or individuals contracted by my Department to provide advice or expertise prior to the Government announcement of further measures in respect of mortgage arrears on 13th May last.  The package was developed in a collaborative manner by an Inter-Departmental Committee of senior officials, chaired by the Department of the Taoiseach. 

The Government is committed to helping people in arrears to reach sustainable solutions and engagement between lenders and mortgage holders has resulted in almost 115,000 solutions to the end of December last. The major reforms announced by the Government are designed to help more people to access the supports, options and solutions available and, in particular, to support mortgage holders in long term arrears. The Government expects the new powers available to the Courts will help to underpin the credibility of the Insolvency Service and encourage more deals to be reached.