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BPFI-MABS Agreement to Facilitate Borrower-Lender Engagement

Agreement accompanied by information leaflet for borrowers

A BPFI-MABS Framework Agreement to help resolve cases of late stage mortgage arrears has been updated and published today by Banking & Payments Federation of Ireland (BPFI).  Significantly the Agreement is now also supported by leading Credit Servicing Firms as well as banks.

The BPFI-MABS Framework Agreement for Late-Stage Mortgage Arrears provides for how MABS Dedicated Mortgage Arrears Advisers and lenders can work together to try resolve mortgage arrears for those borrowers who have already exhausted the Central Bank’s Mortgage Arrears Resolution Process (MARP) and are entering or are about to enter the legal process.

When initially developed by BPFI and MABS in 2017, the Agreement principally covered the country’s main banks who, as BPFI member institutions, were happy to support it.  The list of supporting institutions has now been expanded to include the leading Credit Servicing Firms who are also happy to support it.

In addition, a new consumer information leaflet, Protections if your mortgage is sold to a third party, has been published to accompany the Framework Agreement.  Among other points, this makes clear that, where a mortgage is sold by a bank to a third party, that party must appoint a credit servicing firm to manage it and the protections afforded by the Central Bank’s Code of Conduct on Mortgage Arrears still apply.

Speaking on the publication of the Framework Agreement and information leaflet, and ahead of his address to the MABS National Conference, Brian Hayes, BPFI Chief Executive, stated:

“Constructive engagement with lenders is key to borrowers in mortgage arrears finding workable resolutions.  It is never too late to do so, particularly for those in late-stage mortgage arrears; and we in BPFI are pleased to do all we can to facilitate such engagement – such as this BPFI-MABS Framework Agreement.  We appeal to all people in mortgage arrears to contact their lender as soon as possible if they haven’t already done so; or to contact a trusted third party such as the Money Advice and Budgeting Service (MABS) among others.”   

Welcoming the Agreement, Angela Black, Chief Executive, Citizens Information Board, stated:

“I wish every success to this updated agreement between MABS and the Banking & Payments Federation of Ireland.  This is a welcome strengthening of the link between the clients of MABS and their bank or other loan provider. MABS clients in deep mortgage arrears who are making every effort to engage with their lender should be given a fighting chance. This agreement should ensure fairness in how the banks or loan servicers deal with customers, restoring hope for citizens in trouble. With MABS acting as intermediary, I fully expect that we can achieve better outcomes for clients in keeping their family homes. The operation of the agreement will be tested by MABS advisers and their clients all over the country. I look forward to hearing their feedback.”  



Banking & Payments Federation Ireland (BPFI) represents the banking, payments and fintech sector in Ireland.  Together with its affiliates, the Federation of International Banks in Ireland and the Fintech & Payments Association of Ireland, BPFI has over 100 member institutions and associates, including licensed domestic and foreign banks and institutions operating in the financial marketplace here.

The Citizens Information Board is the statutory body that supports the provision of information, advice and advocacy on a broad range of public and social services. The Citizens Information Board funds and supports the Money Advice & Budgeting Service (MABS). MABS is the State’s money advice service, guiding people through dealing with problem debt. MABS is free, confidential and independent.

For further information contact: Jillian Heffernan, Head of Communications, 087 9016880 or