John McGuinness (Carlow-Kilkenny, Fianna Fail) | Oireachtas source

The kernel of this problem is that when the banks are being examined in terms of the stress test, the figures and the statistics they give Mr. Moran hide the fact that individuals simply cannot pay the debt. There are significantly more of those people, and SMEs than is being discussed in their conversation with Mr. Moran and the Department. I say that because I have seen the letters that have been issued to individuals who have no hope of paying back the mortgage. They are unemployed. They have gone from a marriage to a separation where two of them were working. They are now separated, the house is in negative equity, the amounts due on it have not a hope of being repaid yet the banks continue to write to these people as if there was some hope in that regard.

There is a significant number of such people turning up at local authorities who also have a debt in this regard. They have another system of loans that is in arrears. In the context of the stress test for the banks, I ask them to please give us the figure for the exact amount owed to them that obviously will not be repaid. Even if the house was sold it is a cost to the Exchequer because the people must get housing from the local authority, rent allowance or go on the rental accommodation scheme. I would like to see that analysis.

Separate to that I would like to see the figure for SMEs that have a viable business but a bad property debt somewhere. I believe it is greater than the figures I have seen. Economists who have looked at this and other people who have carried out an analysis of it will tell Mr. Moran that the debt is greater than the banks are telling us. That is one issue. The other side of both of those issues is that they are not giving individuals a chance when the banks got a chance, supported by the Irish taxpayers. That is the point I am making. I would like to see that conversation take place.

Mr. Moran has been here since 12 o'clock answering questions and before I call Deputy Collins and Deputy Murphy, would he like to take a break for ten minutes?