Catherine Murphy (Kildare North, Independent)

On a point of clarification, what constitutes engagement in this regard? Can it be back dated? What amount will be paid in interest in the case of a restructured mortgage? The Minister referred to the banks asking that the supplement be paid directly to them. When people engage with the banks, the practice is that the banks will examine their personal and daily expenditure in detail and will make suggestions for changes. The banks will consider whether a person has cable television, for instance.

In many cases, people may have a very finite amount of money and even a small shock to an income can account for the reason people may not have paid the supplement to the bank in question. The key points I raise are when the arrangement kicks in and whether the level of interest will be reduced because of the restructuring. The Minister has a point of view but my point of view is that of the person with a mortgage difficulty who has become unemployed and who contacts me. I am looking at it from the point of view of the borrower. There are three different viewpoints in this and it is a question of coming to a satisfactory arrangement for all three. The least satisfactory arrangement, however, seems to concern people in mortgage distress.

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