Cathal Crowe (Clare, Fianna Fail)
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192. To ask the Minister for Finance if he will update legislation in terms of vulture fund repossession of homes and, more immediately, order a complete cessation of any possession proceedings in the interim period given recent High Court rulings; and if he will make a statement on the matter. [29328/24]

Jack Chambers (Dublin West, Fianna Fail)
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Legislation relating to the enforcement of security, the Land and Conveyancing Law Reform Act 2009 is a matter for my colleague the Minister for Justice.

Anyone who is experiencing difficulties dealing with debt, including mortgage debt, should contact the Money Advice and Budgeting Service (MABS). MABS offers free impartial advice on dealing with debt.

I would also highlight to the Deputy that there is a robust framework in place to protect people who are dealing with issues such as arrears on mortgages. The Code of Conduct on Mortgage Arrears (CCMA) forms part of the Central Bank’s consumer protection framework and is a key part of the Central Bank’s mortgage arrears framework.

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.

The objective of this statutory Code is to ensure that regulated entities have fair and transparent processes in place for dealing with borrowers in or facing mortgage arrears. Due regard must be given to the fact that each case is unique and needs to be considered on its own merits. All cases must be handled sympathetically and positively by the regulated entity, with the objective at all times of assisting the borrower to meet his or her mortgage obligations.

Each regulated entity must consider the borrower’s situation in the context of the solutions they provide, which may differ from firm to firm. The CCMA does not prescribe the solution which must be offered. The CCMA includes requirements that alternative repayment arrangements must be appropriate and sustainable and based on a full assessment of the individual circumstances of the borrower.

This framework requires lenders to exhaust the options available from the suite of alternative repayment arrangements offered by them before taking action which may result in borrowers losing their home (whether by voluntary sale or repossession).

The CCMA also requires regulated entities to have an appeals process in place to enable a borrower appeal a decision by a regulated entity, including where the borrower is not willing to enter into an alternative repayment arrangement or where the regulated entity declines to offer an alternative repayment arrangement. The appeals procedure must inform borrowers of their right to refer the matter to the Financial Services and Pensions Ombudsman (FSPO).

In relation to repossessions, consumers continue to benefit from the protections contained in the Code of Conduct on Mortgage Arrears (CCMA). Provision 56 of the CCMA provides that a regulated entity may only commence legal proceedings for repossession of a borrower’s primary residence where the regulated entity has made every reasonable effort under the CCMA to agree an alternative repayment arrangement with the borrower or his/her nominated representative, and the specific timeframes set out in the CCMA have been adhered to or the borrower has been classified as not co-operating and notified in accordance with the CCMA.

Finally, as the Deputy will be aware, I cannot comment on cases which are before the Courts.