Minister to expand mortgage review group

MINISTER FOR Finance Brian Lenihansaid he would bring proposals to Government to extend the membership of the interdepartmental group examining options to support those with mortgage arrears and facing repossession.

“The group will engage with various expert bodies involved in mortgage arrears such as the Money Advice and Budgeting Service [Mabs], Economic and Social Research Institute, the Irish Banking Federation and the free legal advice centres, among others, as part of its consultations,” Mr Lenihan added.

Fine Gael finance spokesman Richard Brutonsaid there were two versions of what was happening. One was that the Minister was extending the membership of a think tank and the second, outlined by Minister for Communications Eamon Ryan was for a new scheme to bail out mortgage holders, with the Cabinet approving an implementation committee.

Mr Lenihan said that Mr Ryan had clearly been referring to the commitments in the programme for government, which were very explicit, and the various options set out there which could assist mortgage repayment.

“That is within the remit of the current review group, and, as I indicated on foot of my conversations with the Minister, Deputy Eamon Ryan, I am bringing proposals to Government to broaden the membership of the group,’’ he added. Mr Lenihan said that the mortgage arrears review group was examining options to improve State supports for home-owners with arrears, including schemes in operation in the US and the UK.

“Other matters to be considered by the group will include the recommendations coming from the review of the Department of Social and Family Affairs mortgage interest supplement scheme, when it is completed, as well as suggestions for improving existing advisory services for persons who are in arrears with their mortgages.’’