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

Mr. Kissane asked what happens in the end when loans are warehoused. I put that question back to him. There is approximately €1.5 billion of warehoused debt under split mortgages, with the average loan in the region of €50,000. If somebody enters into a restructure, her or she will pay the active part of the mortgage but ten or 15 years down the line when the mortgage comes to an end there is a debt sitting there. This is untested because these agreements have not come to an end yet. However, about €1.5 billion of mortgage debt has been parked. What does Mr. Kissane believe will happen to it? With the uncertainty over what might happen to it, do split mortgages and warehousing debt represent a good model?