Kieran O'Donnell (Limerick City, Fine Gael) | Oireachtas source

It is exactly the analogy I am using. The laws of finance apply whether one is referring to the State, a bank or an individual. Banks are extremely creative when the have to be. The fact that taxpayers' money has been invested means banks must be creative and proactive in considering measures for people who want to remain in their family homes. There will be occasions when people will decide otherwise. Where they want to remain in the family home, every option must be explored, including the extension of the repayment period of the mortgage. Intergenerational repayment happens in other economies and could be considered. The old rulebook is gone. It provided for lending at a rate of two and half times one's salary plus one times the second salary but banks ended up lending at a rate of six times salary and more. They did not act in a prudent fashion.

The banks have a moral, financial and ethical responsibility to the Irish taxpayer and to the mortgage holder of a family home to make every conceivable effort to ensure that if people wish to remain in their homes they work with them - parents or single people - up and down the country to come up with a range of creative measures. There is an analogy with the State which is seeking to extend its repayment period to make it more sustainable. That is a welcome measure. The banks need to do likewise with mortgage holders. I ask that they bring that into the mix. Will that be the case?