Brian Cowen (Laois-Offaly, Fianna Fail)

In regard to mortgage issues, it is important to point out that the information up to June was that there were some 127 repossession orders out of the total of 1 million mortgages. Thankfully, thus far — this issue is being monitored on an ongoing basis — the number of mortgages in stress is much lower when compared with the situation in the United Kingdom. This is an issue we must continue to watch closely.

It is important to point out that the Financial Regulator is developing a statutory code of practice in respect of this issue. There is a good record in this respect for those who make contact early with financial institutions regarding any issue of difficulty concerning repayment capacity. The banks will work with customers in a way that is in the interests of everybody to ensure they get over the particularly difficult times they may be facing. It is important to point out that whereas this is a problem which has the potential to increase, it should not be exaggerated to a level of distress above what we know to be the situation based on data available up to June. The second six months of last year will see further developments in this regard. We are monitoring that situation very closely.

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