IBF publishes advice for homeowners struggling to meet mortgage repayments

IBF today published notices in national daily newspapers advising homeowners having trouble keeping up mortgage repayments, or who think this is likely to happen, to contact their bank as soon as possible to discuss what can be done to help.

IBF’s member banks are committed to working with customers to help manage mortgage arrears and keep people in their homes. This work is being given priority in all of our member banks.

The Central Bank’s statutory Code of Conduct on Mortgage Arrears also ensures that mortgage lenders must make all reasonable efforts to assist customers who are experiencing difficulties with their mortgage repayments.

As a result of the actions taken by banks to help customers in difficulty, almost 70,000 customers have had their mortgages restructured and the level of home repossessions has been kept as low as possible.

Customers facing difficulties making their mortgage repayments should contact their bank at the earliest opportunity and provide the information required.

The notice concludes:

“Remember too that, no matter how difficult your situation is, it is important not to ignore communications from your lender – your bank wants to work with you to find a solution and this can only be done by talking to each other.”

The notice was issued by the Irish Banking Federation on behalf of the following banks: ACC Bank plc, AIB, Anglo Irish Bank Corporation Limited, Bank of Ireland, Bank of Scotland plc, EBS Limited, ICS, KBC Bank Ireland plc, Leeds Building Society, National Irish Bank (Danske Bank A/S), permanent tsb, Ulster Bank.

Contact details for each bank are available on the IBF website here.

Note: The Irish Banking Federation (IBF) is the leading representative body for the banking and financial services sector in Ireland, representing over 80 member institutions and associates, including licensed domestic and foreign banks and institutions operating in the financial marketplace here.

Further Information: Felix O’Regan, Director Public Affairs, IBF, tel. 671531, 087 6481644

Proposed Financial Transaction Tax

In line with the banking sector across Europe, the Irish Banking Federation believes that the proposed financial transaction tax could be detrimental to economic growth and could drive valuable business activities out of Europe.  Increased banking activity will be central to driving economic recovery and growth, none more so than in Ireland, but this proposed tax could have the very opposite effect on the level of such activity.

IBF Finance Support Framework for Better Home Energy Efficiency

The Minister for Communications, Energy and Natural Resources, Pat Rabbitte TD, today launched a Finance Support Framework put in place by the Irish Banking Federation (IBF) and a number of its leading retail member institutions.  The initiative supports the Government’s objective to encourage people to improve the energy performance of their homes through the Sustainable Energy Authority of Ireland’s (SEAI) Better Energy Homes scheme – for details see http://www.seai.ie/Grants/Better_energy_homes/homeowner/

  • A range of retail banks commit to operate within the IBF Finance Support Framework as follows.
  • Each lender will make finance available to consumers who qualify for SEAI grants for energy efficient improvements to the home.
  • The nature and structure of such finance, including terms and conditions, will be for each lender to determine; and may be developed on a stand-alone basis or in partnership with other parties such as energy providers.
  • Each lender will set and apply its normal commercial lending criteria in assessing borrower suitability and capacity to repay.

The following IBF member institutions subscribe to this Finance Support Framework:

  • AIB Bank
  • Bank of Ireland
  • EBS Limited
  • Permanent tsb
  • KBC Bank Ireland
  • Ulster Bank

Note: The Irish Banking Federation (IBF) is the leading representative body for the banking and financial services sector in Ireland, representing over 80 member institutions and associates, including licensed domestic and foreign banks and institutions operating in the financial marketplace here.

Statement on IBF President Robert Gallagher

Commenting on the announcement that Robert Gallagher will be leaving his position as Chief Executive Corporate Markets with Ulster Bank, Pat Farrell, IBF Chief Executive stated: “On behalf of all the members I wish to mark our thanks and deep appreciation for the leadership which Robert Gallagher has given as IBF President through these past two years. During a period of unprecedented challenge and change for the sector Robert has been a strong and articulate voice for members. We wish him well in his future endeavours and look forward to working with him on sector priorities through the remainder of his term as President.”