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Sinn Féin propose a “FAIR Approach” to Mortgage Arrears

10 April, 2013 - by Pearse Doherty TD

Sinn Fein Finance Spokesperson Pearse Doherty TD has today submitted to the Central Bank a Sinn Fein submission to the review of the code of conduct for mortgage arrears called “Time for a FAIR Approach”.

Deputy Doherty said:

“Our submission to the Central Bank’s review of the Code of Conduct on Mortgage Arrears shows how we need to change tack. This review should be an opportunity to drop the current approach which favours the banks and replace it with a fairer approach which puts the family home first.

“Our four key messages are that the Central Bank and government need to protect the Family Home, Adjudication that is Independent leading to sustainable Restructurings (FAIR).

“Sinn Fein believes that in the vast majority of cases the problem is not that people do not want to pay – it is that they cannot pay. Tinkering with a Code of Conduct will not change that situation.

“We know that this decision to ‘review’ comes from the Troika and has a pre-determined outcome. It will make it easier for banks to move to repossess homes by lifting the 12 month moratorium and make it easier for banks to harass people struggling to pay.

“This review is designed to facilitate repossession as a tactic of the banks. By pushing this so-called review the Central Bank and government are clearly siding with the banks.

“That is why I am proposing this new approach – a FAIR approach that puts the Family Home first with Adjudication that is Independent leading to sustainable Restructuring.

“Sinn Féin would not allow banks to move customers off tracker mortgages, we would continue with the 12 month moratorium on repossessions and would not expand of the three calls per month rule.

“We would seek a definition of ‘non-cooperation’ and ‘reasonable timeframe’ in the code of conduct and we would oppose the lender’s demand that complaints about the compliance with the code or the treatment of a borrower’s case under the MARP process be moved to the bank’s internal complains department and away from the more independent appeals board.”


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