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Minister must release Central Bank report on mortgage arrears immediately – Doherty

12 December, 2016 - by Pearse Doherty TD

Sinn Féin Finance spokesperson Pearse Doherty TD has called on Minister for Finance Michael Noonan to immediately release a 59 page report he received six weeks ago from the Central Bank on what changes are needed to protect family homes from banks and vulture funds.

The Donegal TD said:

“This report from the Central Bank to the Minister could be a crucial step in creating a new environment where banks and vulture funds being allowed deal with the arrears crisis on their own terms is ended. The Programme for Government made some big promises that more safeguards to protect the family home would be put in place. In June, Minister Noonan wrote to the Central Bank seeking its input on how to achieve this. Governor Lane replied almost six weeks ago on 26th October, yet this report has not been published.

“On the day the Central Bank publish figures telling us that 79,562 (11 per cent) of mortgages on family homes were in arrears at end of September and that during the last quarter 1,210 legal cases were taken against the family home I am calling on the Minister to publish the report immediately.

“This crisis cannot be wished away. It quite rightly featured prominently in the Programme for Government but now, as another winter is upon us, it is time to see what change the 13 families a day receiving a legal letter from the banks can expect. It is time for the Government to act and to act decisively in protecting the family home.

“There is no justifiable reason why this report has not been published in light of the fact that the Finance Committee has just come through a two weeks’ long series of meetings with the banks focussed on their mortgage strategies. I am calling on the Minister to immediately release the report.” 

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