merrion street

Commenting on the agreement reached between the Special Liquidator and the Phase two bidders for the IBRC mortgage book regarding the application of the CCMA, The Minister for Finance, Mr. Michael Noonan T.D. stated:

“I welcome the voluntary agreement reached between the Special Liquidators of IBRC and the bidders for the IBRC mortgage book in relation to the application of the Code of Conduct on Mortgage Arrears (CCMA). This is an important and timely development and will ensure that mortgage holders in arrears will be serviced in line with the CCMA and the customers will continue to be protected by the code.

Discussion are continuing between my officials and officials in the central bank in relation to the application of the CCMA to entities that are not regulated by the Central Bank of Ireland. The application of the code by unregulated entities is a positive development and is in the best interests of both borrower and lenders. However, as I have previously stated, if it becomes evident that the voluntary application of the code is not delivering the requisite protections for mortgage holders in arrears, I will bring forward the required legislation ”