Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

I encourage switching and those who can should do so, both between lenders and within their own bank. There are some who cannot because of negative equity or who, due to changed financial circumstances, do not qualify for the same loan. The argument about levels of default and difficulties in enforcing security is put out there but I would imagine that the level of arrears and defaults in recent mortgages is quite low.

There was a massive crisis which led to a huge spike in arrears, and I accept that it is still going through the system.