Michael McGrath (Cork South Central, Fianna Fail)
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113. To ask the Minister for Finance asked the Minister for Finance the number of rent receivers appointed to date in respect of buy-to-let properties for each of the State supported banks; the number of buy-to-let properties affected by such appointments; the number of rent receivers expected to be appointed over the remainder of 2016; the detail of the operation of the rent receivers; the impact on the tenants concerned; if the Government has any policy on the appointment of rent receivers; and if he will make a statement on the matter. [23874/16]

Michael Noonan (Limerick City, Fine Gael)
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I have received the following information in relation to rent receivers:

AIB

AIB has appointed rent receivers for over 112 assets to date in 2016 of which c. 65 are buy to let. In total, AIB has c.1,550 assets under active rent receiver management of which c.900 are buy to let properties.

AIB cannot anticipate the number of receivers that will be appointed for the remainder of 2016 as it is dependent on borrower cooperation in reaching sustainable solutions. Rent receivers are usually appointed over assets where borrowers are in default and where the rent being generated from the asset is not being paid to the Bank in reduction of debt outstanding as contracted. The rent receiver collects the rent on behalf of the bank and seeks to maximise the value of the asset.In relation to impact on tenants, the receiver may decide to sell the property with the tenant in situ or alternatively it may be sold with vacant possession. AIB ensures that the receiver acts in compliance with statutory duties and with all of the relevant laws and codes as they relate to private residential tenancies."

PTSB

PTSB have informed me that they have appointed Rent Receivers to 404 buy-to-let properties and estimate that up to 50 additional properties may be passed to rent receivers over the course of 2016. They note that a rent receiver is appointed by the bank and operates as an agent of the borrower, collects rent from the tenant(s) and directs it to the borrowers mortgage account, together with attending to any property related issues the tenant may have, in accordance with the lease agreement.

PTSB have further informed me that it is their desire that the existing tenant(s) once they are paying rent, remain in the property where possible.

BOI

In the case of Bank of Ireland the bank has provided information in relation to rent receivers in its Annual Report for the year ended 31 December 2015 which can be found at