A new representative body for mortgage lenders in Ireland has been established. With a remit of bringing together both the traditional mortgage lenders such as building societies with credit institutions like Bank of Ireland and IAB, the Irish Mortgage Council (IMC) will address policies facing the mortgage industry, and will provide information and ensure accountability in relation to the mortgage market.
Participants in the new Council include former IMSA members permanent tsb, First Active, EBS Building Society, Irish Nationwide Building Society and IIB Homeloans. Bank of Ireland and AIB Bank are also to join the council.
Cormac McCarthy, chief executive of First Active is to chair the council, while Eimer O’Rourke, previously secretary of the Irish Mortgage and Savings Association (IMSA) is to act as secretary.
Commenting on the rationale behind the new venture, McCarthy said, ‘Taking into consideration rapid market development both in terms of new mortgage lending and the range of products on offer, together with the establishment of a new regulator, it is essential to have a single representative body which can act as a key contact point for the mortgage lending industry’.
Jim Bardon, director general of the Irish Bankers‚ Federation (IBF) said, ‘Following the affiliation of the IMSA with the IBF in 2000, the establishment of the IMC strengthens this relationship and ensures that a clear focus is brought to a very significant element of the Irish financial services industry’. |
