Kieran O'Donnell (Limerick City, Fine Gael)
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I take a slightly different view. It is unacceptable that at this point, five years down the road, 50% of the so-called sustainable solutions provided by the banks involve legal proceedings or legal letters. This suggests we must question the validity of the process. What level of engagement does the Central Bank have with the banks at the micro level in terms of being able to ask them why they have reached the point where these legal letters are being issued and why they were not putting sustainable solutions in place prior to this? There are inconsistencies. It is unfair that individuals with two institutions are treated differently. Professor Honohan has said he likes to see diversity, but people are entitled to consistency of treatment with similar types of mortgage. They are not getting this. We have had the banks appear before us to discuss the issue. As Governor of the Central Bank, will Professor Honohan get them to put sustainable solutions in place quickly? Depositor equity is important. Will Professor Honohan find out why we are at this point with the banks?