Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

I am familiar with the regulatory environment. The question that was not answered concerned the approach from a bank that is going to remain here compared to a vulture fund that has a short-term interest.

I refer to mortgage payment breaks. The Governor will be familiar with the fact the banks could have extended mortgage payment breaks if they took a decision before the end of September. That would have benefitted consumers who lost their incomes or jobs during the pandemic and who do not have a negative credit rating. That would also have benefitted the banks because such loans would not have been seen as non-performing. The banks decided not to do that. The Government did not lean on them to do that.

We are now in a situation where, unfortunately, many hundreds of thousands of people are likely to lose their jobs in the coming days as a result of level 5 restrictions. The Governor mentioned that he expected the banks to engage effectively and sympathetically. The deputy governor talked about tailored solutions from banks. Does he accept that is not happening and the reality on the ground is very different? Did the Governor hear what the regional manager of MABS said on "Drivetime" on RTÉ two days ago? Michelle O'Hara went on national radio and said that those working on the front line have a very different experience. They said that borrowers who had come off payment breaks and are not in a position to sustain payments are being advised that they are not being offered an alternative repayment arrangement. One of the reasons is that they are in receipt of the pandemic unemployment payment. The Governor and I know that if people are not given an alternative repayment arrangement, then repossession proceedings can begin within three months.

I was contacted a by a mortgage holder who is with AIB. He is a front line worker and works for the HSE. He is one of the people we applauded for ensuring additional Covid wards were put in place in our hospitals. His partner works for an airline and his partner's income has decreased by more than 70%. Their household income has been reduced by 50%. They had a six-month payment break and asked for an alternative arrangement in August. They were told two days ago, before they had to make their full and increased repayments on the full mortgage, that they would not be given an alternative payment break. They were told to pay up in full. They had to borrow €300 to make sure that they did not default on their loans. Does the Governor accept that there is a different reality and expecting banks to do the right thing for the customers is simply naïve?