Joe Higgins (Dublin West, Socialist Party) | Oireachtas source

The problem is that the unsustainable level of mortgage repayments means that far more money is going to the banks than should be going to them, money which would otherwise be going into services, employment creation, shops and so forth on a local basis. In fact, it is quite damaging to the economy. The 4.5 million taxpayers would be quite interested in having a global solution to this crisis. However, the circular sent to the committee by Mr. Boucher is clearly in the very narrow interests of the bank's shareholders. Even issues such as temporary interest rate reduction, deferred interest, reduced payment less than interest rate, payment moratorium and permanent interest rate reduction are out. Anything that might give more flexibility to people, even on a temporary basis, has been ruled out. Among the major banks there are 30,000 home owners who are in danger of losing their homes. Does Mr. Boucher not see the benefit of a global solution? Does he not think he should be talking to other banks and the Central Bank about a global response, rather than this very narrow way with which not just Bank of Ireland but all the banks are approaching it?