Oireachtas Joint and Select Committees

Wednesday, 16 January 2013

Joint Oireachtas Committee on Finance, Public Expenditure and Reform

Matters Relating to the Economy: Discussion with Governor of Central Bank

2:20 pm

Photo of Ciarán LynchCiarán Lynch (Cork South Central, Labour) | Oireachtas source

Without being too prescriptive, three categories of people are in mortgage arrears at present. There are those in temporary mortgage arrears because they have lost a job but will return to a scheduled repayment structure if they return to work in the coming months; there are those who need a level of forbearance for a longer time because their difficulties are greater; and there are also those who regardless of whether they returned to work, even on a good income, they cannot service the mortgages they have. The third category cannot be rescued and deferring the problem is compounding it. Will I be able to tell the two people that after speaking to the Governor of the Central Bank I know Central Bank is monitoring their bank and has set targets specifically for people like them? Will Professor Honohan answer this question?

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