Brian Lenihan Jnr (Dublin West, Fianna Fail)

The banks are well aware that this is a high priority for the Government. The one-year moratorium was introduced at the time of the recapitalisation of the two main institutions because of our concern about this issue. It is not correct to say the matter has been consigned to a think tank or that I do not accept personal responsibility as Minister for taking initiatives in this regard. Far from it. However, the issues involved are complex. For example, our statistical base is somewhat inadequate in regard to the nature and scale of the problem. A diversity of approaches have been attempted in other jurisdictions with varying degrees of success. Discussion about write-downs in unqualified terms can lead to a perception on the part of those who are in a position to pay their mortgage debt that they need not do so. Governments must be cautious about their utterances in this regard.

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