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

Okay. I only wish to talk about home loans. Consequently, in the case of people in their 50s who have quite significant arrears, the obligation of having it wrapped up by 65 or 66 years of age sets a very high barrier. While I acknowledge the Central Bank has set guidelines, I seek the witnesses' opinion in this regard because AIB has a concern about it. Moreover, Bank of Ireland is on record of having concerns about it and Ulster Bank also actually expressed concern about this yesterday afternoon. I refer to a case in which someone has a loan outstanding when he or she hits the age of retirement but where the property is in positive equity and the mortgage is on a tracker or the interest rate is quite low because the capital amount is quite low. Moreover, the person in question has a retirement income that comfortably meets that interest payment into the future, meaning the capital amount will not grow. Consequently, given that house prices are beginning to normalise and a modest level of inflation is becoming evident - although one would not wish to see the rate of property inflation that obtained in the past - the asset is secured well into the future. In Mr. Masding's mind, would it be a sustainable solution that the person in question could continue with an interest-only payment into retirement, as opposed to having his or her home repossessed and being obliged to rent a house in the private market?