A group acting for householders trying to engage with banks and insurance companies as part of the defective blocks crisis say they have taken an ‘important’ step forward.
The Banking and Insurance Focus Group confirmed it held its first meeting this week, marking an important step in addressing the mortgageability and insurability challenges stemming from the defective concrete crisis.
“Representatives from Banking and Payments Federation Ireland (BPFI), the Law Society of Ireland, Engineers Ireland, Insurance Ireland, and the Institute of Professional Auctioneers & Valuers (IPAV) attended and engaged in constructive discussions,” a spokesperson for the group said.
The group, they added, had the opportunity to summarise the main challenges faced by affected homeowners, including access to mortgages, insurability concerns, property valuations, 5%+ mica only homes, 20-year claw back, 40 year guarantee, and the broader impact on the housing market.
“This ensured that all stakeholders present were fully aware of the urgent issues that need to be addressed,” they continued.
“Regrettably, the Department of Housing did not attend this initial meeting. Given their critical role in housing policy and homeowner support, we strongly encourage their participation in future discussions. Their engagement is essential to ensuring a coordinated and effective response.”
Despite this, they described the meeting as a ‘very positive step forward’, with strong engagement from key financial and legal stakeholders.
“Their commitment to working towards practical solutions will be crucial in restoring confidence in the property market for homeowners, buyers, and lenders alike. We look forward to further collaboration in the weeks ahead.”
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