KPMG secures CCMA servicing pledge from €1.8bn Project Sand finalists

KPMG, the special liquidators of IBRC, has sought to allay the anxieties of owners of legacy Irish Nationwide mortgages which have spun into the €1.8bn Project Sand loan portfolio that all final round bidders have agreed to adhere to best practice guidelines.

Screen shot 2014-02-25 at 19.42.56In a statement this evening, Kieran Wallace and Eamonn Richardson, the joint special liquidators of KPMG, have confirmed they have brokered an agreement that the residential mortgage loans will be serviced in accordance with the terms of the Central Bank of Ireland Code of Conduct on Mortgage Arrears (CCMA). 

The clarification eases the fears of many individual mortgage holders who feared that their new lender could seek to hike their mortgage rates or impose more inflexible mortgage terms.

The special liquidators said that they were “aware of the anxieties of mortgage holders and had noted the concerns expressed in recent weeks by the Minister for Finance and other members of the Oireachtas”. 

The statement continued: “We are pleased that the bidders have voluntarily indicated that if successful, they would direct that the mortgage loans were serviced in accordance with the terms of the CCMA.  We are satisfied that the voluntary nature of this arrangement strikes a fair balance between the interests of mortgage holders as well as interests of the creditors of IBRC.” 

KPMG declined to identify the Project Sand finalists. 

However, last Wednesday CoStar News reported extensively on the IBRC loan portfolio sales process, which can be seen here.

jwallace@costar.co.uk

About CoStar News

Finance Editor, CoStar News
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