New code on mortgage arrears published tomorrow

The Central Bank is publishing its Code of Conduct on Mortgage Arrears tomorrow, formally incorporating a set of statutory guidelines for lenders in dealing with borrowers who cannot meet their mortgage payments. The new code incorporates the latest recommendations from the expert group on mortgage arrears and personal debt.

Banks will now have to have a mortgage arrears resolution process for delinquent borrowers. The code is expected to give lenders some relief, however, by defining certain loans as 'unsustainable', which will allow banks to take legal action on arrears cases after a 12-month grace period. The code also grants statutory powers to the Central Bank to levy administrative sanctions on lenders who violate the rules. Administrative sanctions carry penalties of up to €5m. The rules come into effect from 1 January. Enforcement of the code will proceed on a phased basis.

Mulryan backs pop-up London mall

Sean Mulryan's Ballymore has teamed up with Roger Wade, founder of urban fashion label Boxfresh, and joint venture partner Hammerson to create a temporary shopping centre at the Bishopsgate Goods Yard site in Shoreditch, London. The pop-up mall will be made out of former shipping containers and will have space for up to 60 retailers, cafes and galleries.

Budget hit could see more road projects assigned to PPPs

The government is expected to make more use of Public Private Partnerships (PPPs) for road projects because of the reduction in the capital budget.

Sources at the Department of Finance said that the PPPs would come out of capital budgets in future but that up to €200m of road projects could be funded under the process next year. Capital spending, which boosts employment and improves infrastructure, has been one of the worst affected areas of government cutbacks in recent years, magnifying the crisis in the construction industry.

The decision to proceed with Metro North has been criticised by Colm McCarthy, the economist leading the review of which semi-states are suitable for sale.

Desmond-backed Titanic Quarter to get its own 'IFSC'

Titanic Quarter, the regeneration scheme in Belfast backed by businessman Dermot Desmond and Pat Doherty's Harcourt developments, has had plans for 54,000sq m of office space approved by the North's Depart­ment of the Environment. The campus will target financial services companies and is partially based on the IFSC, of which Desmond was a leading backer.