Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

I hear what Mr. O'Beirne is saying. It is important to note, for anyone listening, that the Central Bank encourages people to switch and not do what the Bank of Ireland representatives are suggesting, that is, staying with the bank because of the relationship. We need to break that cycle and get people to switch and force banks not to charge the high interest rates they charge. The rates are still way above the European average; in some cases. they are double the average rates.

I want to discuss the position on mortgage arrears. It has been identified that approximately one third of those in restructuring arrangements have terms and conditions that will run out, whether they are interest-only or other types of solution. When these clauses come to an end, the mortgage holders will come under serious pressure. This applies to one third of all restructuring arrangements throughout the banking sector. What analysis has Bank of Ireland made as to when the restructuring clauses will come to an end? What analysis has the bank made of a potential rise in the ECB interest rate that is certain to happen at some time? The only question now is whether it will be at the end of this year or sometime in 2019.