# Brian Hayes on mortgages



## Brendan Burgess (18 Jan 2012)

Brian Hayes addressed the Irish Banking Federation's Mortgage Conference today. Here are some verbatim notes I made.



> We have taken a muscular approach to you (banks) on passing on the ECB interest rate reductions
> 
> The Economic Management Council is driving the things that need to be driven - getting mortgage lending on a reasonable basis going again
> 
> ...


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## ClubMan (18 Jan 2012)

Possibly dumb question but was the focus of this conference domestic/personal mortgages or wider than that - e.g. including commercial/developer mortgages/loans?


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## Brendan Burgess (18 Jan 2012)

It was primarily to do with home loans, but it covered all mortgages. I have provided links to the papers in this post


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## tester1 (18 Jan 2012)

Just a statement re debt forgiveness.... 

Its quick annoying from our position. We have been paying our mortgage in full to date as I would hope/like to continue to do so. 

However in the next year I will be made redundant so I foresee some probs. 
Will we loose out on this debt forgiveness because we have been paying to date..... 

Like its crazy how do they decide and if you are not in arrears up to now do you loose out........... how unfair is that ..............


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## Bronte (19 Jan 2012)

A Key Priority of the government is to get the Personal Insolvency Bill on the statute book. The Bill will be published later this month and will be passed by the Oireachtas this quarter.

_______________

This presumably is the 5 year bankuptcy suggestion?  But what do you mean by the banks are working on personal soluctions on a case by case basis?  If you have the 5 year bankruptcy/involvency doesn't that sort it out?


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## Brendan Burgess (19 Jan 2012)

Hi Bronte

Personally, I simply don't believe that the Personal Insolvency Act will become law within 12 months. A huge new apparatus must also be set up to administer debt settlement.  So I would not expect that borrowers can avail of this until late 2013 at the earliest. I hope I am wrong. 

So, in the meantime, the lenders will have to deal with borrowers on a case by case basis, within the guidelines of the Code of Conduct on Mortgage Arrears.


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