Meeting between the Department of Finance and the Central Bank with banks, non-banks and other stakeholders
31 August 2023
Press Release
Speaking at today’s roundtable meeting, Deputy Governor for Consumer and Investor Protection Derville Rowland reiterated the need for industry to support those mortgage holders affected by increasing costs of living and increasing interest rates. This includes potential greater coordination by firms on switching and providing enhanced information to consumers on the options available to them. Deputy Governor Rowland stated that firms must be proactive, responsive and coordinated, and that expectation was reinforced at today’s meeting.
The Central Bank of Ireland continues its phased work to scrutinise firms to ensure that those borrowers who should expect to be able to switch product or provider are supported to do so, and those facing financial difficulties are supported with alternative repayment arrangements, where appropriate, and that the regulatory framework we are charged with supervising is operating as expected.