Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

Absolutely. The reason Ms Irwin was not offered the deduction is that the institution was given an easy option, which was to sell all the mortgages to a vulture fund. This should never have happened. The banks had a responsibility to work through the issues, restructure the mortgages and offer discounts where required. Ms Irwin put it well when she talked about her kids. A family home is more than an investment; it is where you raise your family and keep them safe. It is different from buy-to-let properties and all the rest. The family home should never be in the grips of mortgage institutions.

The Irish Mortgage Holders Organisation deals with countless cases of financial distress. Our two guests today are meeting all their payments but that does not mean they are not in distressing circumstances. They are not alone. There are tens of thousands in the same category and things are going to get worse. Intervention options are being considered across the water because there is a similar scenario in Britain. Where does Mr. Hall see the solution to this? There are people who can and should switch and who should get advice. Their loans are performing and are not split, and there is a bank that may be willing to refinance. There is also a category with people who are paying everything, namely that of Mr. Byrne and Ms Irwin, but they are finding it difficult to switch because they might not meet the affordability test or the loan-to-value ratio may be wrong. There is also a category including those in arrears. These people are complete mortgage prisoners and do not have the option to switch.

The solutions are not coming from mainstream banks but, as we are hearing, from the credit union movement. Core Credit Union is considering the cases of people who have been in arrears and saying that if they have been able to afford their repayments to date, it will consider refinancing them through the credit union movement. The rate is high enough but less than the 7.5% being charged at the minute. Where does Mr. Hall see the solution given where we are today?