Thursday 29 September 2016

Fine Gael TD 'exasperated' with Central Bank

Gordon Deegan

Published 15/09/2015 | 02:30

West Cork TD Jim Daly said the bank needed to clarify how many distressed mortgages were converted from tracker to variable rates as part of solutions offered to borrowers
West Cork TD Jim Daly said the bank needed to clarify how many distressed mortgages were converted from tracker to variable rates as part of solutions offered to borrowers

A Fine Gael TD has expressed concern at the level of information provided by the Central Bank on a mortgage matter.

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West Cork TD Jim Daly said the bank needed to clarify how many distressed mortgages were converted from tracker to variable rates as part of solutions offered to borrowers.

But earlier this year, Mr Daly told the Dáil he had been "sent around the houses and down every avenue" by the Central Bank.

"I remain confused, exasperated and unsure of how to get the information," he said. "I am at a complete loss to understand how the Central Bank does not know how many mortgages have been moved from a tracker to a variable rate."

Second Secretary with the Department of Finance Ann Nolan then wrote to Central Bank Governor Patrick Honohan on July 13, requesting that the information - or an explanation - be provided.

She wrote: "In preparing for Dáil discussions on matters related to the Central Bank, the department has to generally rely on the information supplied by the bank.

"Consequently, it is essential that we are provided with full information to ensure that satisfactory responses are provided."

Mr Daly said he has since received a letter from Mr Honohan, but says he is still "none the wiser".

He said: "At this stage I don't know if the Central Bank has the figures. If it doesn't, it should have."

In his letter to Mr Daly, Mr Honohan said the Central Bank "has not seen any evidence to suggest that borrowers in arrears on their primary residences have been moved from their tracker rates as part of their Alternative Repayment Arrangements (ARA)".

Irish Independent

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