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Dublin: 14 °C Wednesday 30 July, 2014

Noonan says ‘legal reasons’ prevent him intervening in IBRC mortgage sale

Homeowners who had their loans with IBRC are said to be anxious, but the Finance Minister says he cannot get involved.

Image: Wanderley Massafelli/Photocall Ireland

THE MINISTER FOR Finance has said that he cannot become involved in the sale of IBRC’s mortgage book.

Fears were raised last week that the sale of some 13,000 residential mortgages from the lender would impact negatively on customers, with key protections stripped away.

Independent TD Tommy Broughan today asked Noonan what measures he would take to ensure the protection of those affected.

He read out an email he had received, which outlined one mortgage holder had.

“I am concerned that whoever might purchase them will have carte Blanche to increase interest rates on us already struggling to meet our monthly repayments and stay in our homes.”

After a lengthy back and forth, Noonan accepted that Broughan was speaking on behalf of young couples and families and sat the government is not sitting on their hands. He added that they cannot become involved just yet, however.

“We are working on solutions and monitoring the situation every step of the way. There is a process of sale going on which will be completed in the middle of March. We must wait to see who purchases the loan books, following which, if necessary, we can act. We are not standing idly by.

“We are working in parallel but for legal reasons I am not going to intervene. If I have to intervene I will do so after and not before the sale.”

Read: Concern from homeowners as 13,000 IBRC mortgages to be sold

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