Fianna Fáil TD for Kildare South Seán Ó Fearghaíl highlighted the current flaws with the Governments Code of Conduct for Mortgage Arrears and accused the Government of being "unwilling" to take concerns on board.
He said: "Many of the families facing the prospect of repossession feel they do not have a level playing field when dealing with the banks. This situation has arisen as a result of the Government’s refusal to remove the veto that the banks have on mortgage restructuring under the Code of Conduct for Mortgage Arrears.
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"Recent revelations have highlighted that seven lenders have been identified by the Central Bank as not being in compliance with the Code of Conduct for Mortgage Arrears. The Central Bank has not given any further details on this and has even failed to name the lenders in question. This lenient treatment of non-compliant lenders is in stark contrast to the pressures that distressed mortgage holders face on a daily basis when interacting with the banks.
"When I raised this matter with An Taoiseach in the Dáil he again attempted to wash his hands clean of the situation. If the Government was sincere about wanting to help families in Kildare who are in mortgage arrears then it would remove the bank veto and ensure that all lenders are in compliance with Central Bank regulations. Earlier this year Fianna Fáil put forward the 'Family Home Mortgage Settlement Arrangement Bill' which, if enacted by the Government, would remove the bank veto in mortgage restructuring."
(CD/MH)
