Stephen Donnelly (Wicklow, Independent) | Oireachtas source

I am delighted to hear that some of those things are happening. I ask the witnesses to investigate the way in which AIB uses the debt for equity solution. I think it is more applicable in other areas but the first area in which it was used was in respect of retirement and it is working. A couple aged 60 years who are six years away from retirement would get a split which allows them to live with dignity in their house until they reach the age of 66 or 67 years and AIB would then offer a debt-for-equity swap on the amount required to bring the total borrowings down to a level that allows them to remain in the house. Without that debt for equity portion coming into play on retirement, it is difficult to restructure mortgages for the lifetime of the borrower. I ask the witnesses to examine how AIB has been successful in managing this arrangement.