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

It is a pretty dramatic statistic that about 10,000 PTSB customers are in court or are heading down that road. It belies what we are hearing from the powers-that-be in the Government that the loss of the home is the absolute last resort. PTSB has 10,000 customers heading down that road and yet it has not completed a single mortgage-to-rent transaction. That may not be the bank's fault but, as I said yesterday to Ulster Bank, that is the ultimate safety net for many people who want to stay in the home, to avoid the embarrassment, in many cases, of losing the home. The solution is not working. We are heading towards a very serious problem or we are in the midst of a serious problem where people are losing their homes or will lose their homes and there is no backstop in place to help them.