Noonan backs FF bill on IBRC mortgages
THE Government has decided not to oppose the passing of a Fianna Fail bill to protect IBRC mortgage holders.
Irish Bank Resolution Corporation, which was formally Anglo Irish and Irish Nationwide, is being liquidated and its 13,246 mortgages sold.
At the moment, IBRC mortgage holders have full Central Bank consumer protections on their mortgages. But they will lose these if the mortgage book is sold to an unregulated fund from outside the State.
Fianna Fail's Michael McGrath has proposed a bill, he said it would give the mortgage holders full protection when the home loans are sold on.
In a statement, Finance Minister Michael Noonan said the Government would not oppose this bill.