Richard Boyd Barrett (Dún Laoghaire, People Before Profit Alliance) | Oireachtas source

I thank Mr. Duffy for coming before us. I agree with previous speakers that we could have done with detailed facts and figures for the mortgage resolutions that have been completed. I hope we can have this information to ensure we are not placed at a disadvantage.

I will not labour the point made by Deputy Higgins, other than to add that a write-down to current market levels would not only be an advantage for those who are in distress but also for those who are pinned to the wall in meeting their payments. We must not forget the latter group. Those who are in trouble and cannot pay their mortgages and the tens of thousands who are just about managing to make payments on enormous debts are all victims. This is strangling the economy and visible on every high street.

Mr. Duffy correctly spoke about the need to stimulate small and medium enterprises. What we are seeing is small and medium enterprises being crushed and companies going out of business daily because nobody has any bloody money to spend. People are pinned to the wall in trying to pay off unsustainable mortgages. Ultimately, we will have to come to that solution and I fail to understand the reason the banks and the Government do not recognise this. Mr. Duffy has stated AIB does not have the money to write down the negative equity on the mortgages it holds. What would it cost the bank to do so? If we had that figure, we could at least examine such an option as a possible solution.