Gary Gannon (Dublin Central, Social Democrats)
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75. To ask the Minister for Finance if his attention been drawn to the lack of banks in the Irish market that accept carer’s allowance income as income for the purposes of loans, mortgages and other financial products following the withdrawal of a bank (details supplied); his plans to remedy these issues; the suggested recourse for those on carer’s allowance that need financial services such as loans and mortgages; and if he will make a statement on the matter. [10952/21]

Paschal Donohoe (Dublin Central, Fine Gael)
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While regulated lenders must comply with the various rules within the consumer protection and macroprudential regulatory frameworks, the extension of credit by lenders to potential customers is a commercial decision for the lender themselves. As such, each lender will have its own individual credit lending policies and loan underwriting criteria and it will be a matter for each lender to decide how it treats different types of income in the context of considering individual applications for credit and it is not possible or appropriate for me as Minister for Finance to instruct lenders or seek to influence the decisions of lenders in that regard.

In overall terms, regulated lenders are required to assess affordability of credit and the suitability of a product or service based on the individual circumstances of each borrower. The Central Bank Consumer Protection Code specifies that the affordability assessment must include consideration of the information gathered on the borrower’s personal circumstances and financial situation. Furthermore, where a lender refuses credit the Code requires that the lender must clearly outline to the consumer the reasons why the credit was not approved, and provide these reasons on paper if requested.