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

The current classification remains that - in the case of one bank - they can be deemed as non-performing by the SSM. That is the reality. In this bank's case, the warehoused element can be transferred at any time into the active mortgage, whereas in the case of AIB the warehoused element cannot be transferred in until the active mortgage has been fully repaid. The fact that it is open to the bank to transfer that in at any time seems to be the issue. We have a situation, however, where more than 4,000 Permanent TSB mortgage holders have done all the right things; they have taken the advice, they have engaged, they have reached an agreement with their lender and they are honouring the terms of those agreements, yet they are in the same basket of loans where nothing has been repaid for several years. These homeowners face a sell off. They are really worried because, according to the terms of the agreements, their split mortgages can be revoked at any time.