Professor Patrick Honohan:

They can go into retirement. I see only a sample of people who comment on particular cases and there are those who are complaining that the banks are proposing solutions whereby their mortgages would not be repaid before they reach quite an advanced age. What we are discussing could be a sustainable solution if it can be shown that the relevant household can still service a debt into retirement according to the schedule that has been agreed. I will go beyond that and comment on a matter that may not be fully understood, even by the banks. There are circumstances - perhaps not in many cases - where one could imagine a bank stating that it will leave the homeowner in the house because he or she can afford to service the debt and that what is left at death might be sufficient to pay off the outstanding debt with a certain amount remaining.