Louise O'Reilly (Dublin Fingal, Sinn Fein)
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170. To ask the Minister for Finance the precise measures in legislation here which ensure adherence to Article 28 of the mortgage credit directive; and if he will make a statement on the matter. [5043/21]

Paschal Donohoe (Dublin Central, Fine Gael)
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The Mortgage Credit Directive was transposed into Irish law by means of the European Union (Consumer Mortgage Credit Agreements) Regulations 2016 (the 2016 Regulations). Article 28 of the Mortgage Credit Directive relates to arrears and foreclosure and it was transposed by Regulation 29 of the 2016 Regulations.

Related to Regulation 29 of the 2016 Regulations, the Bank has in place the Code of Conduct on Mortgage Arrears (CCMA) which was issued under Section 117 of the Central Bank Act 1989. The CCMA provides a strong consumer protection framework, aimed specifically at the process to be followed by relevant firms, to ensure borrowers in arrears or pre-arrears in respect of a mortgage loan secured on a primary residence are treated in a timely, transparent and fair manner.

For mortgages that do not fall within the scope of the CCMA, the arrears handling provisions of the Consumer Protection Code 2012 (the CPC) apply. The CPC is also a statutory Code issued pursuant to Section 117 of the Central Bank Act 1989.

Separately, on 1 June 2015, the EBA published Guidelines on Arrears and Foreclosure, which came into effect on 21 March 2016. The guidelines provide additional detail to the requirements in Article 28 of the Mortgage Credit Directive, and must be complied with by firms in scope of the MCD.