Written Answers - Mortgage Repayments

Thursday, 16 February 2012

Dáil Éireann Debate
Vol. 756 No. 1

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  63.  Deputy Clare Daly  Information on Clare Daly  Zoom on Clare Daly   asked the Minister for Finance  Information on Michael Noonan  Zoom on Michael Noonan   the steps he will take with mortgage providers to request that they freeze all mortgage accounts of residents of Priory Hall, Dublin, with no effect on credit rating, pending resolution of the problems in the area. [8944/12]

  70.  Deputy Seán Kenny  Information on Seán Kenny  Zoom on Seán Kenny   asked the Minister for Finance  Information on Michael Noonan  Zoom on Michael Noonan   the steps he will take with the Bank of Ireland, the EBS and the Bank of Scotland Ireland to request them to comply with the application by Priory Hall home purchasers for a moratorium on their mortgages while they are out of the homes, by order of Dublin City Council fire officer, and forced to rent alternative accommodation, while they are waiting for a resolution of their case by the Supreme Court. [9018/12]

Minister for Finance (Deputy Michael Noonan): Information on Michael Noonan  Zoom on Michael Noonan  I propose to take Questions Nos. 63 and 70 together.

I am conscious of the difficult situation that the residents of Priory Hall find themselves in.

The lending institutions in Ireland, including those in which the State has a significant shareholding, are independent commercial entities. A mortgage agreement is a contract which cannot be altered without the consent of the parties. I, as Minister for Finance, have no powers in this regard and cannot require the lenders to alter contracts to accept a suspension in mortgage repayments.

[120]In addition, in view of the case before the Supreme Court, which is referred to by Deputy Kenny, it would be inappropriate for me to comment any further on the matter.


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