Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

Picking up on the theme explored by the Chairman, even though the Bank of Ireland split mortgage product is the least attractive across the system, Bank of Ireland seems to be doing the majority of split mortgage transactions. I suggest that the Bank of Ireland split mortgage is not really a split mortgage in the sense that it is another form of paying interest plus some capital, because it means the customer pays interest every month on the warehoused portion and paying interest and capital on the other part of the mortgage on the usual annuity basis. It is another form of interest plus capital, although Bank of Ireland says it will review after a period of time how the warehoused portion will be treated.