Central Bank says mortgage code 'working' for sold-off loans

The report, which focused on borrowers whose loans have been sold by the banks to so-called vulture funds, was commissioned by Finance Minister Paschal Donohoe

The Central Bank said that it is continuing to proceed with enforcement activities against a handful of banks, which will likely result in significant fines

A report by the Central Bank has found that its Code of Conduct on Mortgage Arrears is “working effectively” for borrowers whoseloans have been sold by the banks to so-called vulture funds.

The report was commissioned by Finance Minister Paschal Donohoe.

The Central Bank said the code was working as intended where borrowers struggling to repay their mortgages engaged with the process.

The code provides protection for mortgage holders who are in arrears, ...