Peadar Tóibín (Meath West, Sinn Fein)

The Keane report has been described as minimalist in its approach to the growing crisis. Sinn Féin's view is that it will provide little meaningful assistance to the hundreds of thousands of families currently unable to pay their mortgages. It is difficult to believe that the report does not even consider, let alone advocate, targeted debt restructuring in which mortgage write-downs would be exchanged for an equity share of the property. Given the level of recapitalisation in the banks recently, it is clear they have a capacity to absorb a portion of losses arising from the mortgage crisis. This point was accepted by the Central Bank Governor, Mr. Honohan, during an Oireachtas finance committee meeting. Will the Minister explain why this option was not even considered and what the Government's objections are to a targeted use of instruments like a debt for equity swap to enable people to remain in the family home?

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