Mr. Patrick Sharkey:

From my experience working in the sector, the repayment of the mortgage is not the only measure of compliance. There has to be a recognition that many thousands of mortgages are effectively being repaid. On the face of it, it may look as if there is no problem, but there is absolutely no collateral security in the background.

One of the comments that was made to me in relation to this issue was that the bank in question regarded the existence of this scheme as effectively preserving its collateral security value. Yet, where there are barriers to entry, as well as a need for interim funding and joined-up thinking between the homeowner and the lender, there actually is no scheme to preserve the value of the security. Therefore, suitable tailored products and finance have to be put in place in order to preserve their own collateral security. In my opinion, banks should have provisioning processes in place in the background, even though we are paying our mortgages, because effectively, the bank cannot take possession of our homes and apply for the grant remediation scheme. It has to be the homeowner. Therefore, their collateral is protected by us, the homeowner and, therefore, we are helping the bank.