independent

Wednesday 16 April 2014

Michael Noonan expects IBRC mortgage buyers to comply with Central Bank codes

Finance Minister Michael Noonan. Photo: Frank McGrath
Finance Minister Michael Noonan

The Minister for Finance says he expects any buyer of mortgages from the liquidators of IBRC to comply with Central Bank codes of conduct.

Buyers of the €1.8bn of mortgages originally owed to Irish Nationwide Building Society (INBS) will not be bound by the code, unless they are already a regulated bank here.

The code sets out how lenders can engage with borrowers behind on their loans.

But Michael Noonan said his department will tell any buyer "we expect you to fulfil" the same terms as the code sets out.

He was speaking today at the Oireachtas Finance Committee.

"If you don't, we advise you it is in your own interest," any buyer will be told, he said.

That will include pointing out the reluctance of the courts to grant repossession orders to any lender not complying with the Central Bank code, he said.

For borrowers, the sale of the mortgage book will not change their contracts, he said.

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