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

There was a disproportionate number of voluntary surrenders when such surrenders were introduced. There was a great deal of argument between the committee and the banks with regard to whether an initial letter sent to someone containing a threat of repossession could be viewed as being part of a resolution process. Leaving that aside, a significant number of people are in the process of voluntary surrender. Is the requirement relating to the target creating the dynamic in this regard? It is for this reason that I ask whether we need to review how the targets are set up.

I have dealt with cases where the borrower wanted the property to be repossessed so that they could purge the debt of an unsustainable loan, and in the case of a one bedroom flat where there was no family living, which was unsustainable, and they needed to get out of it. Are we seeing a disproportionate number of repossessions taking place because of the targets?