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

I wish Professor Honohan to comment on a case in point. Let us consider the position of someone in his or her mid- to late 50s whose debt will not be cleared before he or she reaches 65 or 66 years of age, whose property is in positive equity and who has a decent and secure pension for retirement. It would be less costly for that person to make interest-only repayments on that mortgage, with some sort of realisation being arrived at following the disposal of the estate upon his or her passing. The bank would continue to make a profit on the loan because the person would be paying the interest and the latter would have the security of remaining in the home which he or she had furnished, modified, extended or whatever over time. Interest-only repayments are certainly lower than the rents being paid in the private market. Would that to which I have just referred come within the scope of what Professor Honohan would consider as being a sustainable solution? Could it be applied on a case-by-case basis?