Thomas Byrne (Fianna Fail) | Oireachtas source

There would still be a liability in respect of the borrower. Perhaps some people are saying that mortgage indemnity insurance policies were there during the boom. I thought they disappeared some time around the late 1990s and early 2000s. Five years ago, a very senior bank official told me that had mortgage indemnity insurance policies been standard during the boom, the banks would not be in the trouble they are now in. I guess from talking and listening to the witnesses that this is not the case.