Martin Mansergh (Tipperary South, Fianna Fail)

I accept the situation needs to be very closely monitored and this suggestion was made often during the debate on the National Asset Management Agency, NAMA, but there is no evidence to date of an increase in repossessions.

The proposal for a lengthy moratorium is highly dangerous in terms of financial market perceptions and the effect they might have on the funding of the banks on which the whole economy ultimately depends. Furthermore, the proposed moratorium is unnecessary because of the supports the Government has already put in place, especially through the mortgage interest subsidy, and the code of conduct on mortgage arrears and the improvements in protection for families envisaged in the renewed programme for Government.

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