Pearse Doherty TD, Sinn Féin Finance Spokesperson, has said the news that all IBRC bidders have voluntarily agreed to sign up to the Code of Conduct on Mortgage Arrears means Minister Noonan has no excuse now to delay bringing forward legislation to protect mortgage holders in future.
Deputy Doherty said:
“I welcome the news that the bidders have agreed to sign up to the Code of Conduct on Mortgage Arrears. Minister Noonan should now bring forward legislation to protect all mortgage holders in future.
“This agreement and other agreements with unregulated companies who have agreed voluntarily to adhere to the Code of Conduct should now be put on a statutory basis through legislation.
“The government’s legislative programme includes a Bill on protecting mortgage holders whose loans are sold off. Minister Noonan claimed the IBRC situation was causing legal difficulties that prevented him fast tracking this Bill. That excuse is no longer relevant and Minister Noonan should move rapidly to protect all mortgage holders who might find themselves in the same situation as IBRC mortgage holders in coming months.
“For example, Bank of Scotland have sold off their loan book to an unregulated company and this legislation can be implemented to prevent another round of apprehension among mortgage holders.
“Minister Noonan should see the IBRC agreement as a reason to protect all mortgage holders now and not to delay further. I look forward to teasing out some of these details with Department of Finance officials tomorrow at the Finance Committee.”