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ARTICLE · 06 AUGUST 2013

The Code Of Conduct On Mortgage Arrears 2013

Dillon Eustace
Dillon Eustace
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Dillon Eustace

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The Central Bank of Ireland published the revised Code of Conduct on Mortgage Arrears on 27th June, 2013.

IrelandFinance and Banking
Dillon Eustace
Dillon Eustace
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Background and Overview

In a development that will be of interest to financial institutions, sellers and purchasers of loan portfolios and investors in Irish RMBS, the Central Bank of Ireland (the "CBI") published the revised Code of Conduct on Mortgage Arrears (the "Code") on 27th June, 2013. The Code came into effect on 1st July, 2013. The Code amends the previous Code of Conduct on Mortgages Arrears (which came into effect on 1st January, 2011) in a number of ways, and is seen as assisting mortgage lenders to formulate long term, workable solutions to mortgage arrears cases by facilitating early and constructive engagement with borrowers.

The publication of the Code follows engagement with consumer and industry stakeholders and incorporates a high volume of feedback received from the CBI's public consultation.

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