Minister’s Brief

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3.2.1.1 Policies on Mortgage Arrears, mortgage regulation, payments and consumer issues Principal Officer: Emma Cunningham John Hogan Assistant Secretary Banking Division Emma Cunningham Principal Officer Credit & Lending Policy Ailish O'Connell Assistant Principal Mortgage Arrears John Phelan Assistant Principal National Payments Plan John Fitzpatrick Assistant Principal EU Directive re Credit Agreement in relation to Residential Property and Credit Register Brian Fee Assistant Principal Financial Services and Consumer Issues Key Points: • The Central Bank will publish a review of the mortgage macro-prudential rules by November. On 27 April they announced their intention to hold a public consultation on the rules. • Tackling Mortgage Arrears remains challenging, particularly those in long term arrears. The Department of Finance has been leading on developing a cross-Departmental communications campaign and information materials have been prepared to inform borrowers of the supports available to them. • Ensuring that the appropriate structures and protections for consumers are in place is an ongoing challenge. A number of issues related to consumer protection have been high profile over the last twelve months – in particular SVR rates. • Funds are available (from AIB and PTSB as part of their restructuring agreements) to fund a public awareness campaign on switching – a tender competition to secure a provider to deliver the first phase of this campaign is currently being prepared. Page 74 of 184
• In the payments policy area, two significant EU directives must be transposed during 2016 and 2017. The payments industry is a growing area it may now be opportune to consider the policy role in this regard. Detail: This area is largely focused on ensuring that consumer’s interests are protected in the financial services industry. This issue has increasingly come to the fore as stability has returned to the industry. The main issues arising in this area is as follows: Consumer Protection The focus is on promoting consumer protection in financial services at domestic and EU level. The Department maintains close links with the Financial Services Ombudsman and the Central Bank – both of these bodies have a role in consumer protection and are under the aegis of the Department of Finance. In addition, the Competition and Consumer Protection Commission (CCPC) has a broad mandate with statutory responsibility for the enforcement of competition and consumer protection law (their remit is wider than financial services). The CCPC is a body under the aegis of the Department of Jobs, Enterprise and Innovation. As the area of financial services becomes more complex, it may be appropriate to consider if the right structures and protections are in place to ensure that consumers of financial services are adequately protected. Over the course of 2015, the issue of mortgage standard rate variable rates attracted considerable attention. Following Ministerial meetings with the main banks, changes were made to rates and the range of offerings available to customers was increased. The CCPC is running a campaign to encourage mortgage holders to shop around for a better deal. In November, the Central Bank published a consultation paper on “increased protections for Variable Rate Mortgage Holders” with a closing date for submission of February 2016. This consultation focused on the provision of better information to borrowers and it is expected that the Central Bank will now consider proposed changes to the Consumer Protection Code. In 2015 the Consumer Protection (Regulation of Credit Servicing Firms) Act was introduced. This was introduced to protect consumers where loans are sold by the original lender to an unregulated firm. The 2015 Act introduces a regulatory regime for a new entity, a ‘credit servicing firm’. In line with the requirement that legislation be reviewed one year after enactment this will be undertaken in 2016. As part of the EU Restructuring plans for AIB and PTSB, these banks are required to provide funding for a public awareness campaign (facilitated through an appropriate state body) to raise awareness and promote customer switching. The total fund Page 75 of 184
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Minister’s Brief 2016 s Page 1 of
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3.2.1.1 Policies on Mortgage Arrear
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1. Introduction For the purposes of
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2.1 Economic and Fiscal Directorate
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2.2 Finance and Banking Directorate
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3. Detailed Briefing Page 11 of 184
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3.1.2 Economic Division Description
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Detail: Economic Outlook Pr
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3.1.2.2 Microeconomic analysis unde
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changes in the relevant tax base) a
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3.1.2.3 Economic coordination inclu
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Page 25 and 26: Assessment of compliance with SGP o
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Page 29 and 30: tax, followed by personal income ta
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Page 33 and 34: Detail: Income Tax Policy Income Ta
Page 35 and 36: Credit in 2014 - that credit was of
Page 37 and 38: INCOME TAX INCENTIVES Agri-Taxation
Page 39 and 40: Marine taxation In Budget 2016, a r
Page 41 and 42: Detail: Indirect Tax Policy Tax Hea
Page 43 and 44: outcomes, then it was proportionate
Page 45 and 46: More fundamental threats to tobacco
Page 47 and 48: 3.1.3.4 Finance Bill co-ordination,
Page 49 and 50: ise in both equity markets and prop
Page 51 and 52: Tax Head 2007 (€m) 2013 (€m) 20
Page 53 and 54: 3.1.3.5 International taxations, co
Page 56 and 57: fully in line with the new OECD req
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Page 70 and 71: 3.1.5.5 Permanent Representation of
Page 72 and 73: 3.2 Finance and Banking Directorate
Page 76 and 77: available is €1.8 million. Initia
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Page 99 and 100: Securities The draft EU Prospectus
Page 101 and 102: In addition a full view of the fina
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Page 105 and 106: 3.2.3 Shareholding Management Unit
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Page 118 and 119: 3.2.3.4 NAMA Specialist - Declan Re
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In February 2013 the Irish Bank Res
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3.2.3.6 State’s shareholding in P
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PTSB’s return to profitability ha
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Credit Union Restructuring Board (R
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3.2.3.8 Management of all legal mat
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3.2.4.1 Risk and Financial Stabilit
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• development and maintenance of
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epresented and an Industry Advisory
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3.2.4.1 Management of FoI and PQ pr
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3.2.4.1 Liaison with the Attorney G
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3.2.4.2 Management of the Accountan
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Future Developments The vote accoun
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3.2.5 International Financial Insti
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Key Points: International Monetary
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with the delegation led by Second S
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assistance to the developing world.
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In addition to capital contribution
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would be the Minister for Finance o
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3.3 Corporate Page 165 of 184
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supported by OPW and a number of ex
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3.3.2. Corporate Affairs Descriptio
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member, the Department has a Busine
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ability of both electronic files an
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3.3.3. Human Resources Division Des
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Detail: 1. Organisational Structure
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effectively to improve and deliver
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The Department is currently reviewi
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Erosion of income tax base did not
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Minister’s Brief

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