News & Publications - Legal Briefing

New Code of Conduct on Mortgage Arrears, February 2009 The Financial Regulator’s Code of Conduct on Mortgage Arrears, which will have statutory effect from 27 February 2009, sets out the procedures that must be adopted by every regulated entity operating in Ireland as regards mortgage lending to a consumer in respect of the consumer’s principal private residence. Going further than the existing voluntary code in industry, the Mortgage Code mandates a gradated escalation process, a series of attempts to manage the arrears situation at key stages and a moratorium on repossession proceedings being taken within the fi rst six months of arrears (12 months in the case of some institutions). A regulated entity must keep records of its dealings in managing each case of residential mortgage arrears and must make those records available to the Financial Regulator.      Click here to download pdf        Relevant Partners Ambrose Loughlin Peter Osborne