Wednesday, 28 March 2012
Dáil Éireann Debate
95. Deputy Clare Daly asked the Minister for Finance if he will discuss with the recapitalised banks the situation where residents in Priory Hall would have their mortgage frozen from the date of evacuation, with no impact on their credit rating until a comprehensive solution is implemented. [17112/12]
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.
Neither do I have any powers to alter how credit ratings are calculated by lenders or credit bureaux. However, I understand that the Irish Credit Bureau offers a facility for borrowers to add a personal declaration (statement) to their credit record to clarify any details contained therein. This personal declaration is then attached to the borrowers file held by the Irish Credit Bureau and can be viewed by lenders when the credit file is accessed.
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