We use Google Analytics to see which pages are read and how the site is used, so we know what to improve. This only runs if you accept. See our privacy notice for details.

Dáil
‹ Order of Business

IBRC mortgage holder protections

Summary

Micheál Martin seeks statutory protections for 13,000 IBRC mortgage holders, including mortgage-arrears safeguards and access to the Financial Services Ombudsman. The Taoiseach notes prospective buyers’ voluntary commitment to Central Bank codes and agrees to communicate further.

The protection for the 13,000 IBRC mortgage holders is a key issue. I listened with interest this morning to the chairman of the Oireachtas Committee on Finance, Public Expenditure and Reform, Deputy Ciarán Lynch, raise the possibility of the Government bringing forward legislation to deal with this issue in terms of creating a statutory framework whereby the purchasers of the loan book would come under the statutory code of conduct, including the code of conduct on mortgage arrears and recourse to the Financial Services Ombudsman. I know that Deputy Michael McGrath has tabled legislation to that effect. Given the urgency of this, will the Taoiseach give Government time to allow that Bill to be debated and to indicate whether he intends to publish legislation in line with the comments of Deputy Lynch this morning? Prospective buyers are now asked to comply voluntarily with the codes. Will that be included within a statutory framework?

Comment on this
Enda Kenny The Taoiseach Fine Gael

I listened to Deputy Donnelly last week saying that all these mortgage holders were going to be sold down the Swanee with the process that is being followed here. The Minister dealt with this on a number of occasions because the liquidator has a responsibility in terms of the creditors. The Minister pointed out that were he to interfere in the process, he could be open to legal challenge from other elements in the system. I am glad to note that the potential bidders have said that they will sign up voluntarily to the extra codes set down by the Central Bank. That is obviously an important issue for those who are among the block of 13,000 mortgage holders. I will ask the Minister to reflect on the point made by Deputy Martin and to see whether it is possible to legislate for that given that he has already said formally that were he to attempt to interfere in the process, the liquidator having a duty to the creditors could make him subject to legal challenge.

Comment on this

The Taoiseach might communicate in respect of that.

Comment on this
Enda Kenny The Taoiseach Fine Gael

Yes, I will.

Comment on this