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Probe into Irish Mortgage Corporation

THE Central Bank confirmed yesterday that it is probing lending practices at Irish Mortgage Corporation (IMC) as part of an investigation into boom-time mortgage lending.

Enforcement officials in the regulator's office are understood to have interviewed people who secured mortgages through the brokerage.

One of the couples interviewed is understood to have secured a €300,000 mortgage despite being on social welfare at the time, it has been alleged.

Managing director of IMC Derek Maguire said in a statement: "It is a matter of public record that the Central Bank of Ireland conducts onsite visits to regulated firms.

"The then Financial Regulator has visited IMC and we have fully dealt with all queries raised. It is routine and standard practice for the Central Bank to photocopy documents which have been reviewed during a visit to any firm. No original records have ever been sought or removed from our control.

"IMC is precluded under Data Protection legislation from disclosing the identities of clients or any information regarding dealings with our clients.

"All complaints raised by consumers are handled in accordance with the Central Bank's Consumer Protection Code and IMC is fully compliant in this regard."

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