Brian Cowen (Laois-Offaly, Fianna Fail)

What is being done with that single initiative far exceeds the stated demand Deputy Gilmore suggests requires attention. The new code of conduct on mortgage arrears applies to all mortgage lenders. They must wait six months before initiating legal action from the time arrears arise and this period was increased to 12 months for Allied Irish Banks and Bank of Ireland under the recapitalisation arrangements. MABS provides important advice to people on debt management. Refocusing the mortgage interest relief scheme to support those who purchased their homes when house prices were at their peak from 2004 onwards means it will be extended until 2017. That is an important assistance to people in meeting their mortgage commitments over an extended period. A seven-year term was provided for under the original scheme. These are important measures.

The Government continues to examine whether anything else can be done to meet particular circumstances. There is also the question of insolvency law and so on and what we can do in this regard. These issues are being examined by various Departments and the Minister for Finance will bring forward any further proposals he believes will be practical and effective in due course.

See this speech in context