Banking & Insurance

Information on the role of the banks and Insurance companies.

Statement from Banking and Insurance Focus Group Sept 2024 – 

“The Banking & Insurance Focus Group would like to update everyone on our progress over past few months.

We have met with various stakeholders in financial services such as Central Bank (CB) Banking & Payments Federation of Ireland ( BPFI) and all financial services providers.

We sought the following for homeowners.

– Interest free moratoriums for mortgage holders while their property is demolished and rebuilt. It is grossly unfair to expect homeowners to continue paying mortgage while their property is being rebuilt. The standard mortgage lending criteria in relation to age, employment status, repayment capacity, dependents and so on should all be waived.

– No requirement to complete SFS (Standard Financial Statement) for defective block homeowners. Confirmation from the Engineer and HA should be sufficient to prove the home has deleterious materials in blocks / foundations.

– Homeowners should be able to draw down funds to commence the construction of property on foot of Mica grant. The grant approval should be taken as security by the financial institution to allow homeowners to commence reconstruction.

– All loans furnished to homeowners for any shortfalls in relation to SEAI grants and any additional top-ups required to return the property to marketable assets should be interest free. Financial institutions should not be profiting from homeowners who are seeking to repair their homes. Most mortgage holders have already paid huge interest over the term of their mortgage. It’s totally unjust to ask them to pay again for issues that were out of the homeowners control.

– A specialist defective homeowner team should be set up in each of the financial institutions to deal with these issues for homeowners.

– There should be no negative financial consequences for defective homeowners when it comes to repairing their properties if seeking any changes to existing mortgage

issues

Following our meeting with BPFI on Monday 23rd Sept we can only confirm the following

– 0% bridging finance rejected despite what Simon Harris said on Highland Radio: 12th July

– Department of Housing @Daire O’Brien working group disbanded after 2 meetings having achieved nothing, since have refused to re-engage with us or any of the stakeholders

– No clarity on mortgageability, insurability, resale, etc

– Banks pushed to form new working group with engineers/auctioneers/law society to address how to reactivate housing market / clarity on testing standards/risk

– BPFI have advised they along with banks will engage with new NSAI public consultation on IS465

– Banks say that their customers are not experiencing any financial hardship with redress grant scheme

We would like to sincerely thank the following for their continued support in lobbying financial services industry on your behalf

Thomas Pringle Pádraig Mac Lochlainn Pearse Doherty 100% Redress Party”