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

There is absolutely a basis for it. It has happened already and we will see more of it. We are all aware of the pressure the commercial banks are under to address what they call non-performing loans, NPLs. That pressure is coming from the ECB. A considerable number of loan portfolios have been sold, particularly buy-to-let loans. There is certainly a risk that we will see more of them, including family home mortgages. It is important that we reform the system and get it right and that we give people the opportunity to have the family home protected. This is not a blank cheque by any means. If one considers the Bill, it is quite detailed. It is not a one-page Bill. We have put quite an amount of thought into it and there are many controls in place. The provisions are designed for those who are making a genuine effort and have made full disclosure of their assets, income and outgoings and to see if an independent pair of eyes will be able to find a way of saving the family home and putting the mortgage on a sustainable footing. That is the essential objective of the Bill.