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

I gather that is the case from the evidence presented. The presentations made by the three banks that have appeared thus far and some data provided by Bank of Ireland indicate that legal proceedings have commenced, or customers have been advised they will commence, in 30,000 mortgage cases. While not all of these cases will result in the loss of the mortgage holder's home, that will be the outcome in many of them. It is important that a safety net or ultimate backstop is in place. That was the purpose of the scheme. Of the three banks that have appeared thus far, only one, Ulster Bank, has completed a transaction in the mortgage-to-rent sector. Permanent TSB and Allied Irish Banks have not completed any and Ulster Bank has completed only one. What is wrong with the scheme?