Review of Code of Conduct on Mortgage Arrears

August 13, 2010

The Irish Banking Federation (IBF) welcomes the consultation process announced today by the Financial Regulator on the review of the Code of Conduct on Mortgage Arrears. 

This review is intended to reflect the recommendations of the Interim Report from the Government-appointed Mortgage Arrears and Personal Debt Expert Group.  IBF participates in this Group and supports its recommendations.

IBF-member banks and building societies remain fully committed to working with those of their customers who are experiencing genuine difficulty with their mortgage repayments.  A range of initiatives have been put in place to help make this happen - including the IBF Pledge on Home Repossessions, the IBF/MABS Protocol on Debt Management and the designated website www.helpinghomeowners.ie - all of which are in addition to the existing statutory Code of Conduct on Mortgage Arrears. The forbearance policies and practices adopted by mainstream institutions are helping tens of thousands of consumers to work with their lenders in managing their mortgage and other debt repayments. 

In conjunction with member banks and building societies, IBF will contribute constructively to this consultation – including focus on the practical implications of changes to lenders’ processes and systems as well as the timeframe for implementation. 

Note:  Irish Banking Federation (IBF) is the leading representative body for the banking and financial services sector in Ireland, representing over 70 member institutions and associates, including licensed domestic and foreign banks and institutions operating in the financial marketplace here.