S.I. No. 81/2025 - Central Bank (Supervision and Enforcement) Act 2013 (Section 48) (Consumer Protection) Regulations 2025

• (d) set out how the arrears support unit will assess cases referred to it, including the types of alternative repayment arrangements or any other relief method that may be offered to mortgage borrowers by the regulated entity.

Management information systems to be in place

225.

Consumer–facing staff to be provided with training or information as appropriate

226.

• (2) With respect to consumer–facing staff other than those referred to in paragraph (1), a regulated entity shall inform such staff of the regulated entity’s policy for dealing with arrears and pre–arrears cases, the relevant contact persons for dealing with such cases and the applicable process for dealing with such cases.

Conditions for setting targets or offering incentives to relevant staff

227.

• (a) do not impair the quality of communication with a mortgage borrower or how the mortgage borrower is treated by the regulated entity, and

• (b) take into account compliance with the requirements of this Chapter.

Timeline for processing mortgage borrower information requests relating to State support applications

228.

Mortgage borrower’s nominated third party to be liaised with

229.

• (2) For the avoidance of doubt, paragraph (1) does not prohibit a regulated entity from the following:

• (a) contacting a mortgage borrower directly in relation to matters other than the mortgage borrower’s arrears or pre–arrears case;

• (b) issuing communications required by these Regulations directly to a mortgage borrower.

Mortgage borrower’s reasons for missing repayment schedule to be ascertained

230.

Mortgage borrowers to be encouraged to engage on financial difficulties

231.

• (2) A regulated entity shall provide a written communication to all mortgage borrowers on at least an annual basis to encourage early contact with the regulated entity if the mortgage borrower is in arrears or is concerned that he or she is in danger of going into arrears.

No charges or surcharge interest on arrears where mortgage borrower is cooperating

232.

Unsolicited personal visits to comply with certain conditions

233.

• (a) the regulated entity has been unsuccessful in its attempts to contact the mortgage borrower by other means;

• (b) the visit is made immediately prior to classifying the mortgage borrower as not cooperating.

• (2) Before making an unsolicited personal visit for the purposes of paragraph (1), the regulated entity shall provide the mortgage borrower with at least 5 working days’ notice in writing of –

• (a) the regulated entity’s intention to make the visit, and

• (b) the timeframe within which it intends to make the visit.

• (3) For the purposes of paragraph (2) –

• (a) the regulated entity shall not specify a timeframe that exceeds the date that is 15 working days from the date of the notice, and

• (b) the regulated entity shall provide notice which –

• (i) outlines the importance of engagement between the mortgage borrower and the regulated entity,

• (ii) unless the mortgage borrower is already deemed to be not cooperating with the regulated entity, sets out the protections which are not available where a mortgage borrower is not cooperating with the regulated entity to address the mortgage borrower’s arrears,

• (iii) explains that the intention of the visit is to discuss the mortgage borrower’s arrears and the steps to deal with the arrears,

• (iv) provides the contact details for the regulated entity’s arrears support unit,

• (v) where the regulated entity has a local branch, provides the contact details of that branch and offers to discuss the arrears at that branch, and

• (vi) states that the mortgage borrower may wish to consider having a third party present when the personal visit takes place, if he or she considers that this would be of assistance to the mortgage borrower.

• (4) When carrying out an unsolicited personal visit, a regulated entity shall offer to –

• (a) explain the standard financial statement to the mortgage borrower, and

• (b) assist the mortgage borrower to complete the standard financial statement.

• (5) A regulated entity shall not compel a mortgage borrower to complete a standard financial statement during the course of an unsolicited personal visit.

• (6) Regulation 108(1) applies subject to this Regulation.

• (7) Paragraph (1) does not prevent a regulated entity from agreeing a further personal visit with the mortgage borrower in compliance with paragraphs (2) to (4) of Regulation 108.

Communications to be open to engaging with mortgage borrower

234.

Arrears and pre–arrears meetings with mortgage borrowers not to be in public

235.

MARP information booklet required

236.

• (2) A regulated entity shall draft the information booklet in accordance with the requirements of Regulations 47, 48, and 234, and in accordance with any relevant standards prescribed by the Bank pursuant to section 17A(2) of the Central Bank Reform Act 2010 (No. 23 of 2010).

• (3) The information booklet shall include the following:

• (a) an explanation of the regulated entity’s MARP;

• (b) an explanation of the alternative repayment arrangements available to mortgage borrowers including –

• (i) an explanation of how these arrangements work,

• (ii) the key features of the arrangements, and

• (iii) an outline, in general terms, of the regulated entity’s criteria for assessing requests for alternative repayment arrangements;

• (c) a statement that the availability of alternative repayment arrangements is subject to an individual assessment of each case and meeting the regulated entity’s criteria;

• (d) an explanation of all options offered by the regulated entity for resolution of mortgage arrears other than an alternative repayment arrangement, such as voluntary surrender, voluntary sale, mortgage to rent, trading down, or otherwise, and a statement that the availability of such options is subject to an individual assessment of each case and meeting the regulated entity’s, or a third party’s, criteria;

• (e) in circumstances where the regulated entity may require a mortgage borrower to enter into a confidentiality agreement or similar agreement to maintain confidentiality, in circumstances where an alternative repayment arrangement or other arrangement for resolution of mortgage arrears is offered to a mortgage borrower, summary information on the regulated entity’s potential use of such agreements;

• (f) an explanation of when a mortgage borrower will be deemed by the regulated entity as not cooperating with the regulated entity;

• (g) the implications, for the mortgage borrower, of not cooperating with the regulated entity, which shall include –

• (i) that the MARP does not apply if the mortgage borrower is not cooperating,

• (ii) information on the imposition of charges, surcharge interest, or both, on arrears arising on a mortgage loan account,

• (iii) a warning that the regulated entity may commence legal proceedings for repossession of the property immediately after classifying a mortgage borrower as not cooperating, and

• (iv) a warning that not cooperating may impact on a mortgage borrower’s eligibility for a Personal Insolvency Arrangement in accordance with the eligibility criteria set out in the Act of 2012;

• (h) information about the potential availability of relevant State supports that provide financial assistance to pay or refund the cost of a mortgage including, where potentially available, information about mortgage interest relief;

• (i) a statement reminding those who have purchased payment protection insurance in relation to a mortgage loan account that is in arrears that they may wish to investigate if a claim is possible on that policy;

• (j) information explaining how data relating to the mortgage borrower’s arrears will be reported by the regulated entity to the Central Credit Register or any other credit reference agency or credit register, where permitted by contract or required by law;

• (k) the regulated entity’s dedicated arrears contact points;

• (l) a statement that the mortgage borrower may wish to seek assistance from the MABS, contact details for the MABS national helpline, and the website address of any relevant website operated by the MABS for the purpose of providing assistance to borrowers;

• (m) information on the mortgage borrower’s right to consult with a personal insolvency practitioner for the purposes of considering a Personal Insolvency Arrangement, the implications of a Personal Insolvency Arrangement for a mortgage borrower and his or her mortgage loan account, and a reiteration of the warning referred to in subparagraph (g)(iv);

• (n) a hyperlink to, or website address of, any website operated by the Insolvency Service of Ireland which provides information to mortgage borrowers on the debt solutions and the associated processes prescribed by the Act of 2012;

• (o) a summary of the regulated entity’s policy regarding communications with mortgage borrowers, required in accordance with Regulation 243;

• (p) information on how the mortgage borrower may appeal a decision of the regulated entity pursuant to the appeals process which the regulated entity is required to maintain in accordance with Regulation 258, including a description of the process and the timeframe for submitting an appeal;

• (q) information on how the mortgage borrower may make a complaint in accordance with the complaints procedure which the regulated entity is required to maintain in accordance with Regulation 260, including a description of the procedure and timeframe for submitting a complaint;

• (r) a statement that in the event that legal proceedings are initiated, and the property is repossessed and disposed of, the mortgage borrower will remain liable for any outstanding debt related to the mortgage, including any accrued interest, charges, legal, selling and other related costs, if this is the case.

• (4) In this Regulation, “confidentiality agreement” means an agreement whereby the mortgage borrower is required to keep information relating to an alternative repayment arrangement or other option, intended to resolve the arrears situation, confidential.

Dedicated webpage to be maintained

237.

• (a) The dedicated webpage shall make available –

• (i) the information booklet required by Regulation 236,

• (ii) information on the level of charges that may be imposed on mortgage borrowers who are deemed to be not cooperating with the regulated entity,

• (iii) a hyperlink to any website operated by the MABS that contains information for mortgage borrowers about taking action to address mortgage arrears,

• (iv) the standard financial statement,

• (v) a copy of the regulated entity’s guide to completing a standard financial statement or a hyperlink to the Bank’s Consumer Guide to Completing a Standard Financial Statement, and

• (vi) a hyperlink to any website operated by the Insolvency Service of Ireland which provides information to mortgage borrowers on the debt solutions and the associated processes prescribed by the Act of 2012;

• (b) The dedicated webpage is made easily accessible to any mortgage borrower who accesses the website, and from a prominent hyperlink on the regulated entity’s home page.

MARP required

238.

• (2) A regulated entity shall incorporate in its MARP the following steps:

• (a) “Step 1: Communication with borrowers”;

• (b) “Step 2: Financial information”;

• (c) “Step 3: Assessment”;

• (d) “Step 4: Resolution”.

• (3) A regulated entity shall comply with the following requirements under the corresponding step, subject to Regulation 241:

• (a) The requirements of “Step 1: Communication with borrowers”, as referred to in paragraph (2)(a), are prescribed by Regulations 242 to 250;

• (b) The requirements of “Step 2: Financial information”, as referred to in paragraph (2)(b), are prescribed by Regulation 251;

• (c) The requirements of “Step 3: Assessment”, as referred to in paragraph (2)(c), are prescribed by Regulation 252;

• (d) The requirements of “Step 4: Resolution”, as referred to in paragraph (2)(d), are prescribed by Regulations 253 to 257.

Arrears support unit required

239.

Circumstances in which MARP to be applied

240.

• (a) a mortgage borrower’s mortgage loan account has been in arrears for 31 calendar days from the date the arrears first arose;

• (b) a pre–arrears case, subject to Regulation 241;

• (c) where an alternative repayment arrangement put in place breaks down;

• (d) where the term of an alternative repayment arrangement expires.

Application of MARP to pre–arrears cases

241.

• (a) Only the following requirements of “Step 1: Communication with borrowers”, apply: Regulations 242 to 244, Regulation 249 and Regulation 250;

• (b) Regulations 251 to 257 apply in full.

Mortgage borrower to be informed of appointment of third party for engaging with mortgage borrower

242.

Policy on communications with mortgage borrowers required

243.

• (2) A regulated entity shall ensure that its policy is approved by its board of directors, or the entity or persons controlling the regulated entity.

Standards for communicating with mortgage borrowers

244.

• (2) A regulated entity’s communications with mortgage borrowers in the cases referred to in Regulation 240 shall not be made in an aggressive, intimidating or harassing manner.

• (3) A regulated entity shall provide sufficient time to a mortgage borrower, in a case referred to in Regulation 240, to complete an action that the mortgage borrower has committed to before follow up communication is attempted.

• (4) For the purposes of paragraph (3), a regulated entity shall provide the mortgage borrower sufficient time having regard to the action that a mortgage borrower has committed to complete and whether he or she may require assistance from a third party in completing the action.

• (5) A regulated entity shall take steps to agree with a mortgage borrower, in a case referred to in Regulation 240, on future communication with the mortgage borrower.

Mortgage borrower and guarantor to be informed in case of arrears

245.

• (a) notify each mortgage borrower and any guarantor of the mortgage loan, unless the mortgage loan contract explicitly prohibits such information to be given to the guarantor, of the status of the account, on paper or on another durable medium;

• (b) include the following information in the notification given to a mortgage borrower or guarantor for the purposes of paragraph (a):

• (i) the date upon which the mortgage loan account fell into arrears;

• (ii) the number and total amount of repayments that have not been made by the mortgage borrower, including partial repayments that have been made;

• (iii) the monetary amount that has not been repaid in relation to the arrears as of the date of the notice;

• (iv) confirmation that the regulated entity is treating the mortgage borrower’s situation as a case to which it is applying its MARP;

• (v) the regulated entity’s dedicated arrears contact points;

• (vi) an explanation of the meaning of “not cooperating” under the MARP and, separately, the implications for the mortgage borrower of not cooperating including the following, where applicable:

I. the imposition of charges, surcharge interest, or both, on arrears arising on the mortgage loan account, including details of any such charges or surcharge interest;

II. that the regulated entity may commence legal proceedings for repossession of the property over which the mortgage loan is secured if the mortgage borrower is deemed to be not cooperating with the regulated entity;

III. a warning that not cooperating with the regulated entity may impact on a mortgage borrower’s eligibility for a Personal Insolvency Arrangement in accordance with the Act of 2012;

• (vii) a statement reminding those who have purchased payment protection insurance in relation to the mortgage loan account in arrears that they may wish to investigate if a claim is possible on that policy and, if the mortgage borrower has purchased payment protection insurance from that regulated entity in relation to the account in arrears, a statement advising the mortgage borrower of the following:

I. that the mortgage borrower has purchased payment protection insurance;

II. the mortgage borrower’s policy number;

III. that a copy of the mortgage borrower’s policy is available on request from the regulated entity;

• (viii) an explanation of how any data relating to the mortgage borrower’s arrears will be reported by the regulated entity to the Central Credit Register, or any other credit reference agency or credit register, where permitted by contract or required by law, and an explanation of the impact on the mortgage borrower’s credit report;

• (ix) a hyperlink to, or website address of, any website operated by the Insolvency Service of Ireland which provides information to mortgage borrowers on the debt solutions and the associated processes prescribed by the Act of 2012;

• (c) provide the borrower with the information booklet referred to in Regulation 236.

MARP information booklet to be provided in pre–arrears case

246.

Updated information to be provided where arrears persist

247.

Mortgage borrower to be notified of consequences when 3 repayments missed

248.

• (a) an explanation of the meaning of “not cooperating” under the MARP and, separately, the implications for the mortgage borrower of not cooperating including the following, where applicable:

• (i) the imposition of charges, surcharge interest, or both, on arrears arising on the mortgage loan account, including details of any such charges or surcharge interest;

• (ii) that the regulated entity may commence legal proceedings for repossession of the property over which the mortgage loan is secured if the mortgage borrower is deemed to be not cooperating with the regulated entity, together with an estimate of the costs to the mortgage borrower of such proceedings;

• (iii) a warning that not cooperating with the regulated entity may impact on a mortgage borrower’s eligibility for a Personal Insolvency Arrangement in accordance with the Act of 2012;

• (b) that taking independent advice in such circumstances is important and that the mortgage borrower could take such advice from his or her local MABS, or from a legal advisor or personal insolvency practitioner;

• (c) that irrespective of how the property on which the mortgage loan is secured is repossessed and disposed of, the mortgage borrower will remain liable for the outstanding debt, including any accrued interest, charges, legal, selling and other related costs, if this is the case;

• (d) a hyperlink to, or website address of, any website operated by the Insolvency Service of Ireland which provides information to mortgage borrowers on the debt solutions and the associated processes prescribed by the Act of 2012.

Letter to be provided to mortgage borrower prior to classification as “not cooperating”

249.

• (a) that he or she will be classified by the regulated entity as not cooperating with the regulated entity if he or she does not undertake the specific actions referred to in paragraph (b), within 20 working days of the date of the letter, with the aim of enabling the regulated entity to complete an assessment of the mortgage borrower’s circumstances;

• (b) the specific actions that the regulated entity requires the mortgage borrower to take within the 20 working day period referred to in paragraph (a) in order to avoid being classified by the regulated entity as not cooperating;

• (c) the ongoing actions that the regulated entity requires the mortgage borrower to take to avoid being classified by the regulated entity as not cooperating with the regulated entity, including a statement that if any of these ongoing actions are not undertaken at any point in the future, the regulated entity may classify the mortgage borrower as not cooperating without further warning;

• (d) the implications of the mortgage borrower not cooperating with the regulated entity, including the following:

• (i) that the regulated entity’s MARP will not apply to the mortgage borrower and the protections of the MARP will no longer apply;

• (ii) that the regulated entity may commence legal proceedings for repossession of the property on which the mortgage loan is secured immediately after the regulated entity classifies the mortgage borrower as not cooperating with the regulated entity;

• (iii) a warning of the impact that classification of the mortgage borrower as not cooperating may have on the mortgage borrower’s eligibility for a Personal Insolvency Arrangement;

• (e) that the mortgage borrower may wish to seek independent legal or financial advice, including advice from a personal insolvency practitioner;

• (f) that the MABS is also an available advisory service;

• (g) the potential for legal proceedings and that, irrespective of how the property on which the mortgage loan is secured is repossessed and disposed of, the mortgage borrower will remain liable for the outstanding debt related to the mortgage, including any accrued interest, charges, legal, selling and other related costs, if this is the case.

Mortgage borrower to be informed of certain matters following classification as “not cooperating”

250.

• (a) that legal proceedings for repossession of the property on which the mortgage loan is secured may commence immediately;

• (b) that the regulated entity’s MARP no longer applies to the mortgage borrower and the protections of the regulated entity’s MARP no longer apply;

• (c) options that may be available to the mortgage borrower in these circumstances, such as voluntary surrender, trading down, mortgage to rent or voluntary sale, and the implications of each option for the mortgage borrower and his or her mortgage loan account, including the following information:

• (i) an estimate of the total amount of costs or the total amount of charges associated with each option presented to the mortgage borrower, where known, and where the total amount associated with an individual option is not known, a list of the individual types of associated costs or charges;

• (ii) the requirement to repay outstanding arrears even where the mortgage borrower avails of an option presented, if this is the case;

• (iii) the impact on the mortgage borrower’s credit report, as anticipated by the regulated entity, where the mortgage borrower avails of such an option;

• (iv) that taking independent advice in relation to the options presented is important and that the mortgage borrower should take such advice from his or her local MABS or from an appropriate alternative;

• (d) the mortgage borrower’s right to appeal in writing, setting out the grounds for the appeal, the regulated entity’s decision to classify the mortgage borrower as not cooperating;

• (e) the mortgage borrower’s right to consult a personal insolvency practitioner, provided however that the regulated entity shall also inform the mortgage borrower that the regulated entity’s classification of the mortgage borrower as not cooperating may impact on the mortgage borrower’s eligibility for a Personal Insolvency Arrangement.

Requirements for obtaining financial information from a mortgage borrower

251.

• (2) For the purposes of paragraph (1), the regulated entity shall –

• (a) provide the mortgage borrower with the standard financial statement at the earliest appropriate opportunity,

• (b) offer to assist the mortgage borrower to complete the standard financial statement, and

• (c) inform the mortgage borrower that he or she may wish to seek independent advice, in order to assist the mortgage borrower to complete the standard financial statement, from his or her local MABS, from a personal insolvency practitioner, or from an appropriate alternative.

• (3) Where a regulated entity requires a mortgage borrower in a case referred to in Regulation 240 to return information, including a standard financial statement, according to a particular timeline, the timeline shall be fair and reasonable and shall provide sufficient time to the mortgage borrower having regard to the type of information requested and having regard to whether the mortgage borrower may need to obtain such information from a third party.

• (4) A regulated entity shall ensure that its arrears support unit is provided with the standard financial statement completed by the mortgage borrower, immediately on the regulated entity’s receipt of same, and shall provide a copy of the completed standard financial statement to the mortgage borrower.

• (5) Subject to paragraph (6), where in a case referred to in Regulation 240, less than 12 months have elapsed since a completed standard financial statement was last received from the borrower, the regulated entity may deem that standard financial statement last received, together with any information which has changed in that standard financial statement according to the mortgage borrower’s confirmation, to be the completed standard financial statement obtained for the purposes of paragraph (4).

• (6) Where in a case referred to in Regulation 240, 12 months or more have elapsed since a completed standard financial statement, excluding any completed standard financial statement deemed as such pursuant to paragraph (5), was last received from the mortgage borrower, the regulated entity shall again comply with the requirements of paragraphs (1) to (4).

• (7) This Chapter shall not prevent a regulated entity from either –

• (a) requiring a mortgage borrower, in a case referred to in Regulation 240, to provide supporting documentation to corroborate information provided by the mortgage borrower in a standard financial statement or,

• (b) requiring a mortgage borrower to provide supporting documentation to corroborate information which has changed in a completed standard financial statement according to the mortgage borrower’s confirmation.

Assessment of mortgage borrower case

252.

• (a) assess a completed standard financial statement in a timely manner,

• (b) examine the case on its individual merits, and

• (c) assess the case on the full circumstances of the mortgage borrower relevant to the MARP including the following:

• (i) the personal circumstances of the mortgage borrower insofar as relevant to the MARP;

• (ii) the overall indebtedness of the mortgage borrower;

• (iii) the information provided in the standard financial statement;

• (iv) the mortgage borrower’s current and future capacity to repay the mortgage loan;

• (v) the mortgage borrower’s history of repayment of the mortgage.

• (2) A regulated entity shall provide the mortgage borrower with a summary of the information assessed for the purposes of paragraph (1), in non–technical language.

Requirements when considering alternative repayment arrangement options

253.

• (2) For the purposes of paragraph (1), the options for alternative repayment arrangements offered by the regulated entity shall be comprised of a suite of alternative repayment arrangements options that is, amongst any other relevant elements, broad enough to meet the needs of the regulated entity’s customers that are mortgage borrowers, in accordance with paragraph (3).

• (3) For the purposes of paragraph (2), the alternative repayment arrangements within the suite of alternative repayment arrangement options shall have an objective of, amongst any other relevant objectives –

• (a) supporting the regulated entity’s customers that are mortgage borrowers to meet their mortgage obligations, and

• (b) addressing those mortgage borrowers’ financial difficulties as effectively as circumstances allow.

• (4) The suite of alternative repayment arrangements referred to in paragraph (1) may include the following, amongst any other options for alternative arrangements offered by the regulated entity:

• (a) interest only repayments on the mortgage loan for a specified period of time;

• (b) permanently reducing the interest rate on the mortgage loan;

• (c) temporarily reducing the interest rate on the mortgage for a specified period of time;

• (d) fixing the interest rate on the mortgage loan;

• (e) an arrangement to pay interest and part of the normal capital amount for a specified period of time;

• (f) deferring payment of all or part of the scheduled mortgage loan repayments for a specified period of time;

• (g) extending the term of the mortgage;

• (h) changing the type of the mortgage;

• (i) adding arrears and interest to the principal amount due;

• (j) equity participation;

• (k) setting aside (“warehousing”) part of the mortgage, including through a split mortgage, where a regulated entity agrees to split a mortgage borrower’s mortgage loan into an affordable mortgage loan, which the mortgage borrower continues to repay, and a remaining balance, which is set aside (i.e. warehoused to a later date);

• (l) writing down the capital sum to a specified amount;

• (m) any voluntary scheme to which the regulated entity has signed up.

• (5) A regulated entity shall document its consideration of each option assessed in accordance with paragraph (1).

• (6) Paragraph (5) includes documenting the reasons why –

• (a) any option offered to the mortgage borrower is appropriate and sustainable for his or her individual circumstances, and

• (b) any option assessed and not offered to the mortgage borrower is not appropriate and not sustainable for his or her individual circumstances.

• (7) A regulated entity shall provide the mortgage borrower with a copy of the information documented by the regulated entity in accordance with paragraphs (5) and (6).

• (8) In this Regulation, “equity participation” means an arrangement whereby the principal sum due on the primary residence is reduced, provided that a share in the mortgage borrower’s equity in the primary residence is transferred to the regulated entity, or a third party.

Requirements when offering alternative repayment arrangements

254.

• (a) the reasons why the alternative repayment arrangement offered is considered to be appropriate and sustainable for the mortgage borrower’s individual circumstances as documented by the regulated entity in accordance with Regulation 253(5) and Regulation 253(6), including demonstrating, by reference to the mortgage borrower’s individual circumstances, the advantages of the offer for the mortgage borrower and explaining any disadvantages;

• (b) the new mortgage loan repayment amount;

• (c) the term of the alternative repayment arrangement;

• (d) the implications of entering into the alternative repayment arrangement for the mortgage borrower’s existing mortgage loan, including the impact on –

• (i) the mortgage loan term,

• (ii) the balance outstanding on the mortgage loan account, and

• (iii) the existing arrears on the mortgage loan account, if any;

• (e) a statement that the alternative repayment arrangement may impact on the mortgage borrower’s mortgage protection insurance cover;

• (f) the frequency with which the alternative repayment arrangement will be reviewed by the regulated entity in accordance with Regulation 257(1), the reason for undertaking such reviews and the potential outcome of any such reviews where –

• (i) the mortgage borrower’s circumstances which require the alternative repayment arrangement improve,

• (ii) the mortgage borrower’s circumstances which require the alternative repayment arrangement disimprove, and

• (iii) the mortgage borrower’s circumstances which require the alternative repayment arrangement remain the same;

• (g) details of any residual mortgage debt which, at the end of the term of an alternative repayment arrangement, will remain due and owing by the mortgage borrower;

• (h) information on how interest will be applied to the mortgage loan account as a result of entering into the alternative repayment arrangement;

• (i) information on how the alternative repayment arrangement will be reported by the regulated entity to the Central Credit Register or any other credit reference agency or credit register, and the anticipated impact of entering into this arrangement on the mortgage borrower’s credit report;

• (j) the timeframe within which the mortgage borrower is required to accept or decline the offer.

• (2) A regulated entity shall not require a mortgage borrower in a case referred to in Regulation 240 to agree to amend his or her mortgage interest rate from a tracker interest rate to an interest rate other than a tracker interest rate, as part of agreeing to any alternative repayment arrangement offered to the mortgage borrower, except in the circumstances referred to in paragraph (3).

• (3) Where a regulated entity is considering alternative repayment arrangement options in respect of a mortgage loan with a tracker interest rate in accordance with Regulation 253(1) to Regulation 253(4) and the regulated entity concludes that there is no option which is appropriate and sustainable for the mortgage borrower’s individual circumstances whereby the mortgage borrower may retain the tracker interest rate, the regulated entity may offer the mortgage borrower an alternative repayment arrangement pursuant to which the tracker interest rate is amended to an interest rate other than a tracker interest rate, if that alternative repayment arrangement is a long–term appropriate and sustainable arrangement for the mortgage borrower, and the reasons for same are documented in accordance with Regulation 253(5) and Regulation 253(6).

• (4) This Chapter does not prevent a regulated entity agreeing an alternative repayment arrangement with a mortgage borrower for a limited period of time, prior to completing its assessment of the mortgage borrower’s standard financial statement, if a delay in agreeing an alternative repayment arrangement would exacerbate a mortgage borrower’s arrears or, in a pre–arrears case, the mortgage borrower’s relevant financial difficulty or likelihood of financial difficulty.

• (5) For the purpose of paragraph (4), “limited period of time” means a period of time sufficient to enable the regulated entity to receive and complete a full review of the standard financial statement.

Reasons and additional information to be provided where alternative repayment arrangement refused

255.

• (2) In addition to the reasons referred to in paragraph (1), the regulated entity shall inform the borrower of the following:

• (a) options available to the mortgage borrower, other than alternative repayment arrangements, such as, where available, voluntary surrender, trading down, mortgage to rent, voluntary sale, or otherwise, and the implications of each option for the mortgage borrower and his or her mortgage loan account including –

• (i) an estimate of the total amount of costs or charges associated with each option where known and, where the total amount associated with an individual option is not known, a list of the individual types of costs or charges associated with that option,

• (ii) the requirement to repay outstanding arrears even where the borrower avails of such an option, if this is the case,

• (iii) the impact on the mortgage borrower’s credit report, as anticipated by the regulated entity, where the mortgage borrower avails of such an option, and

• (iv) that it is important for the mortgage borrower to seek independent legal or financial advice in relation to the options presented;

• (b) the mortgage borrower’s right to appeal, to the regulated entity’s appeals board, the regulated entity’s decision not to offer an alternative repayment arrangement to the borrower;

• (c) that the regulated entity’s MARP no longer applies to the mortgage borrower and that the protections of the regulated entity’s MARP no longer apply;

• (d) that the regulated entity may commence legal proceedings after 3 months have elapsed from the date the reasons were provided to the mortgage borrower, or after 8 months have elapsed from the date upon which the arrears first arose, whichever date is the later, and that, irrespective of how the property on which the mortgage borrower’s mortgage loan is secured is repossessed and disposed of, the mortgage borrower will remain liable for the outstanding debt related to the mortgage loan, including any accrued interest, charges, legal, selling and other related costs, if this is the case;

• (e) that the mortgage borrower should notify the regulated entity if his or her circumstances requiring consideration of an alternative repayment arrangement improve;

• (f) that it is important for the mortgage borrower to seek independent legal or financial advice;

• (g) the mortgage borrower’s right to consult with a personal insolvency practitioner;

• (h) a hyperlink to, or website address of, any website operated by the Insolvency Service of Ireland which provides information to mortgage borrowers on the debt solutions and the associated processes prescribed by the Act of 2012;

• (i) that a copy of the most recent standard financial statement completed by the mortgage borrower can be obtained from the regulated entity on request.

Information to be provided where alternative repayment arrangement offered but not agreed by mortgage borrower

256.

• (a) options available to the mortgage borrower, other than alternative repayment arrangements, such as, where available, voluntary surrender, trading down, mortgage to rent, voluntary sale, or otherwise, and the implications of each option for the mortgage borrower and his or her mortgage loan account, including–

• (i) an estimate of the total amount of costs or charges associated with each option where known and, where the total amount associated with an individual option is not known, a list of the individual types of costs or charges associated with that option,

• (ii) the requirement to repay outstanding arrears even where the mortgage borrower avails of such an option, if this is the case,

• (iii) the impact on the mortgage borrower’s credit report, as anticipated by the regulated entity, where the mortgage borrower avails of such an option, and

• (iv) that it is important for the mortgage borrower to seek independent legal or financial advice in relation to the options presented;

• (b) the mortgage borrower’s right to appeal, to the regulated entity’s appeals board, the regulated entity’s decision on the alternative repayment arrangement;

• (c) that the regulated entity’s MARP no longer applies to the mortgage borrower and that the protections of the regulated entity’s MARP no longer apply;

• (d) that the regulated entity may commence legal proceedings after 3 months have elapsed from the date that the information was provided to the mortgage borrower, on paper or on another durable medium, or after 8 months have elapsed from the date upon which the arrears first arose, whichever date is later, and that, irrespective of how the property on which the mortgage borrower’s mortgage loan is secured is repossessed and disposed of, the mortgage borrower will remain liable for the outstanding debt related to the mortgage loan, including any accrued interest, charges, legal, selling and other related costs, if this is the case;

• (e) that the mortgage borrower should notify the regulated entity if his or her circumstances requiring consideration of an alternative repayment arrangement improve;

• (f) that it is important for the mortgage borrower to seek independent legal or financial advice;

• (g) the mortgage borrower’s right to consult with a personal insolvency practitioner;

• (h) a hyperlink to or website address of any website operated by the Insolvency Service of Ireland which provides information to mortgage borrowers on debt solutions and the associated processes prescribed by the Act of 2012;

• (i) that a copy of the most recent standard financial statement completed by the mortgage borrower may be obtained from the regulated entity on request.

Alternative repayment arrangements with mortgage borrowers to be reviewed

257.

• (2) In undertaking the review, the regulated entity shall request the mortgage borrower to confirm whether there has been any change in his or her circumstances in the period since the alternative repayment arrangement was put in place or since the last review was conducted.

• (3) Subject to paragraph (4), where in response to the request referred to in paragraph (2) –

• (a) the mortgage borrower confirms that there has been a change in his or her circumstances, and

• (b) less than 12 months have elapsed since a completed standard financial statement was last received from the mortgage borrower,

the regulated entity may deem that standard financial statement last received, together with any information which has changed in that standard financial statement according to the mortgage borrower’s confirmation, to be the completed standard financial statement, and shall consider the appropriateness of the alternative repayment arrangement for the mortgage borrower.

• (4) Where, in response to the request referred to in paragraph (2) –

• (a) the mortgage borrower confirms that there has been a change in his or her circumstances, and

• (b) 12 months or more have elapsed since a completed standard financial statement, excluding any completed standard financial statement deemed as such pursuant to paragraph (3), was last received from the mortgage borrower, the regulated entity shall again comply with the requirements of Regulation 251(1) to Regulation 251(4) and shall consider the appropriateness of the alternative repayment arrangement for the mortgage borrower.

• (5) For the avoidance of doubt, Regulation 251(7) applies to a review referred to in this Regulation.

• (6) A regulated entity shall carry out a review of the terms of an alternative repayment arrangement at any time, if requested by a mortgage borrower.

• (7) A regulated entity shall ensure that its arrears support unit formally reviews the mortgage borrower’s case, including the standard financial statement, immediately, where a mortgage borrower ceases to adhere to the terms of an alternative repayment arrangement.

Appeals process to be in place

258.

• (a) a decision by a regulated entity to offer an alternative repayment arrangement to a mortgage borrower which the borrower does not agree to enter into;

• (b) a decision by a regulated entity not to offer an alternative repayment arrangement to a mortgage borrower;

• (c) a decision by a regulated entity to classify a mortgage borrower as not cooperating.

• (2) For the purposes of paragraph (1), a regulated entity shall establish an appeals board to consider and determine appeals submitted by mortgage borrowers.

• (3) A regulated entity shall establish the appeals board in compliance with the following conditions:

• (a) there shall be 3 members of the appeals board;

• (b) at least one member of the appeals board shall be a person who meets the following conditions:

• (i) the person is an experienced professional, independent of the regulated entity’s management team, including an independent member of the regulated entity’s audit committee or an experienced professional who is independent of the regulated entity, such as a solicitor, barrister, accountant or other experienced professional;

• (ii) the person does not have a conflict of interest in respect of cases referred to the appeals board;

• (c) any member of the appeals board other than a member referred to in subparagraph (b) is drawn from the regulated entity’s senior employees who have not previously been involved in dealing with the mortgage borrower’s arrears or pre–arrears in respect of the mortgage loan.

• (4) A regulated entity shall establish, maintain and adhere to a procedure for the proper handling of appeals.

• (5) At a minimum, the procedure referred to in paragraph (4) shall provide for the following:

• (a) the appeals board shall only consider written appeals;

• (b) the regulated entity shall acknowledge each appeal on paper or on another durable medium within 5 working days of the appeal being received by the regulated entity;

• (c) the regulated entity shall provide the mortgage borrower with the name of one or more individuals appointed by the regulated entity to be the mortgage borrower’s point of contact in relation to the appeal, until the appeals board makes a decision in relation to the appeal;

• (d) the regulated entity shall provide the mortgage borrower with a regular update, on paper or on another durable medium, on the progress of the appeal, at intervals of not greater than 20 working days, starting from the date on which the appeal was received;

• (e) the regulated entity shall consider and adjudicate on an appeal within 40 working days of having received the appeal;

• (f) the regulated entity shall, on paper or on another durable medium, within 5 working days of the completion of the consideration of the appeal, notify the mortgage borrower of –

• (i) the decision of the appeals board,

• (ii) the reasons for that decision, and

• (iii) if the regulated entity is making an offer to the mortgage borrower, the terms of that offer;

• (g) the regulated entity shall inform the mortgage borrower of his or her right to refer the matter to the Financial Services and Pensions Ombudsman and shall provide the borrower with the contact details of the Financial Services and Pensions Ombudsman.

• (6) The procedure referred to in paragraph (4) may provide for any other matter that is relevant or appropriate to the regulated entity’s proper handling of appeals.

• (7) A regulated entity shall allow a mortgage borrower at least 20 working days from the date of notification of the decision of the regulated entity following assessment by its arrears support unit, to submit an appeal to the regulated entity for consideration by its appeals board.

Appeals to be logged and analysed

259.

• (2) The log referred to in paragraph (1) shall contain the following:

• (a) a summary of the information submitted by the mortgage borrower for the purposes of the appeal considered by the appeals board;

• (b) the date the appeal was received;

• (c) a summary of the regulated entity’s response including the date of such response;

• (d) details of any other relevant correspondence or records, including the grounds on which the appeal was considered by the appeals board;

• (e) the steps taken by the appeals board to determine each appeal;

• (f) the date the appeal was determined by the appeals board and the decision of the appeals board;

• (g) where relevant, the current status of the appeal which has been referred to the Financial Services and Pensions Ombudsman.

• (3) A regulated entity shall, at least once every 6 months, undertake an appropriate analysis of the patterns of appeals made to the regulated entity by mortgage borrowers, including analysing whether an appeal indicates an isolated issue or a more widespread issue.

• (4) The regulated entity shall ensure that the analysis of patterns of appeals from mortgage borrowers is provided to –

• (a) the regulated entity’s arrears support unit,

• (b) the regulated entity’s compliance or risk function, and

• (c) the regulated entity’s senior management.

Complaints resolution

260.

• (a) the regulated entity’s treatment of the mortgage borrower’s case under this Chapter;

• (b) the regulated entity’s compliance with the requirements of this Chapter.

• (2) A regulated entity shall apply Chapter 12 of Part 2, and Regulation 115(1)(m) to deal with complaints referred to in paragraph (1).

• (3) A regulated entity shall ensure that the arrangements which, pursuant to paragraph (2), it is required to have in place in accordance with Regulation 107 to deal with complaints, and which include the analysis of those complaints in accordance with Regulation 107(2)(b), include arrangements for reporting of that analysis, in accordance with Regulation 107(2)(c), to the regulated entity’s arrears support unit.

Requirements prior to commencement of legal proceedings for repossession

261.

• (a) the regulated entity has taken reasonable steps in compliance with this Chapter to agree an alternative arrangement with the mortgage borrower, or his or her nominated representative, and

• (b) either of the conditions of paragraph (2) are satisfied.

• (2) The conditions referred to in paragraph (1)(b) are the following:

• (a) the period referred to in Regulation 255(2)(d) or Regulation 256(d), as applicable, has expired;

• (b) the mortgage borrower has been classified as not cooperating and the regulated entity has issued the notification required by Regulation 250.

• (3) Paragraphs (1) and (2) do not apply to the commencement of legal proceedings by the regulated entity for repossession of the mortgage borrower’s primary residence, where the mortgage borrower is in arrears, in circumstances where –

• (a) a fraud has been perpetrated on the regulated entity by the mortgage borrower, or

• (b) there has been a breach of contract by the mortgage borrower other than the existence of arrears.

• (4) A regulated entity shall notify a mortgage borrower on paper or on another durable medium of the regulated entity’s application to court to repossess the mortgage borrower’s primary residence 7 days before it applies to court to commence those proceedings.

Contact to be maintained with mortgage borrower where legal proceedings for repossession commenced

262.

• (2) Where an alternative repayment arrangement is agreed between the regulated entity and the mortgage borrower before a court order enabling repossession in those proceedings is granted, the regulated entity shall seek an order from the court to put the proceedings on hold, for the period during which the mortgage borrower adheres to the terms of the alternative repayment arrangement.

Information to be provided following repossession

263.

• (2) Where, following repossession of the mortgage borrower’s primary residence, a regulated entity has disposed of the relevant property, the regulated entity shall notify the mortgage borrower on paper or on another durable medium, of the following:

• (a) the balance of outstanding mortgage debt, if any;

• (b) details, including the amount, of any costs arising from the disposal which have been added to the mortgage loan account as debts of the mortgage borrower;

• (c) the interest rate to be charged on the remaining balance of the mortgage loan account, if any;

• (d) any liability of the mortgage borrower to pay any of the debts or costs referred to subparagraphs (a) to (c).

• (3) A regulated entity shall provide the information referred to in paragraph (2) to the mortgage borrower in a timely manner following the completion of the disposal of the property concerned.

Records to be kept and maintained

264.

• (2) For the purposes of this Chapter, a regulated entity shall keep and maintain the following:

• (a) up–to–date records of –

• (i) all steps taken in compliance with this Chapter,

• (ii) all considerations taken into account by the regulated entity when making a decision or assessment in compliance with this Chapter,

• (iii) the outcome of all assessments and decisions made in compliance with this Chapter,

• (iv) all communications with borrowers in arrears and in pre–arrears, and

• (v) complaints in respect of which a regulated entity is required to apply Regulation 115(1)(m) in accordance with Regulation 260(2);

• (b) up–to–date recordings of all telephone calls made by the regulated entity’s arrears support unit to a mortgage borrower, or from a mortgage borrower to the arrears support unit, in relation to his or her arrears or pre–arrears.

• (3) For the purposes of paragraph (2)(b), a regulated entity shall inform a mortgage borrower, at the outset of the conversation, that the telephone conversation is being recorded.

• (4) A regulated entity shall maintain the records required by this Regulation and for that purpose shall comply with Regulation 118(1) in relation to those records.

• (5) A regulated entity shall provide to the Bank the records required by this Regulation if requested to do so, and for that purpose shall provide those records in accordance with Regulation 118(2) and Regulation 118(3).

• (6) Subject to paragraph (7), a regulated entity shall retain records which it is required to keep by this Chapter and which demonstrate compliance with this Chapter, for 6 years.

• (7) A regulated entity shall retain all records in respect of a mortgage borrower until a period of 6 years has elapsed following the date on which the mortgage borrower ceases to be a customer of the regulated entity concerned.

Chapter 10 Arrears – debts of personal consumers, other than mortgage debt secured by a mortgage borrower’s primary residence

Scope and application (Chapter 10)

265.

• (2) Subject to paragraph (3), and unless otherwise stated, this Chapter applies to mortgage debt and non–mortgage debt.

• (3) This Chapter does not apply where Chapter 9 of this Part applies.

Legal proceedings

266.

Policies and procedures for handling arrears to be in place

267.

Dedicated webpage to be maintained

268.

• (a) information stating the potential legal and practical effects of not dealing with arrears cases, including the risk of any mortgaged property being repossessed, legal proceedings and additional charges;

• (b) relevant contact details of the regulated entity for dealing with arrears cases;

• (c) details of the charges that may be imposed on personal consumers in arrears;

• (d) a hyperlink to the MABS website.

• (2) The information referred to in paragraph (1) shall be –

• (a) easily accessible from a prominent hyperlink on the homepage of each website of a regulated entity, and

• (b) provided to a personal consumer in a durable medium on request.

Agreed approach on arrears to be sought

269.

Notification of existing arrears and enquiries

270.

Personal consumer’s nominated third party to be liaised with

271.

• (2) For the avoidance of doubt, paragraph (1) does not prohibit a regulated entity from –

• (a) contacting a personal consumer directly in relation to matters other than the personal consumer’s arrears case;

• (b) issuing communications required by these Regulations directly to the personal consumer.

Notification of particular information relating to account in arrears

272.

• (a) notify the personal consumer and any guarantor of the personal consumer’s loan, on paper or on another durable medium, of the status of the account;

• (b) include the following information in the notification referred to in subparagraph (a):

• (i) the date upon which the account fell into arrears;

• (ii) the number and total amount of repayments that have not been made by the personal consumer, including partial repayments that have been made;

• (iii) the monetary amount that has not been repaid in relation to the arrears as of the date of the notice;

• (iv) the interest rate applicable to the amount that has not been repaid;

• (v) details of any charges that may become payable by the personal consumer arising from the arrears;

• (vi) the benefits of the personal consumer engaging with the regulated entity in order to address the arrears;

• (vii) relevant contact details of the regulated entity for dealing with arrears;

• (viii) the consequences of continuing to not make repayments, including the sharing of data relating to the personal consumer’s arrears with the Central Credit Register or, or where applicable, a credit reference agency;

• (ix) where applicable, any legal, contractual and practical impact of continuing to not make repayments on other accounts held by the personal consumer with that regulated entity, including a regulated entity’s entitlement to set–off accounts, where the personal consumer’s existing terms and conditions provide for this possibility;

• (x) a statement that the personal consumer may wish to seek assistance from the MABS, the contact details for the MABS national helpline and the link to the MABS website;

• (xi) a hyperlink to any website operated by the Insolvency Service of Ireland which provides information to personal consumers on the processes under personal insolvency legislation;

• (xii) a statement that personal consumers who have purchased payment protection insurance in relation to an account that is in arrears may wish to investigate if a claim is possible on that policy, and, if the personal consumer has purchased payment protection insurance from that regulated entity in relation to the account in arrears, a statement advising the personal consumer of the following:

I. that the personal consumer has purchased payment protection insurance;

II. the personal consumer’s policy number;

III. that a copy of the personal consumer’s policy is available on request from the regulated entity.

• (2) Where the arrears persist, a regulated entity shall, every 3 months, provide the personal consumer with an updated version of the information provided in accordance with paragraph (1), on paper or on another durable medium.

• (3) In this Regulation, “Insolvency Service of Ireland” has the meaning given to it in Regulation 219.

Mortgage debt – notification of potential for further proceedings

273.

• (a) the potential for legal proceedings for repossession of the property on which the mortgage loan is secured, together with an estimate of the costs to the personal consumer of such proceedings;

• (b) that taking independent advice in such circumstances is important and that the personal consumer should take such advice from his or her local MABS or from an appropriate alternative;