Bidders’ deal on arrears code has no legal basis

The agreement of the bidders on the IBRC mortgage book to voluntarily comply with the consumer code on mortgage arrears is unenforceable and has not even been written down, according to the IBRC special liquidators.

Speaking at the Joint Committee on Finance, Public Expenditure and Reform, IBRC special liquidators Kieran Wallace and Eamonn Richardson admitted under questioning that the voluntary agreement to buy the IBRC loan book that includes the Irish Nationwide Building Society (INBS) mortgages and IBRC mortgages was unenforceable.

Fianna Fáil Finance spokesperson, Michael McGrath, struggled to find a comparison for just how worthless the agreement that the special liquidators had announced hours beforehand was.