Alan Shatter (Dublin South, Fine Gael) | Oireachtas source

I will reply, first, to the Deputy's example of his constituent in Wicklow. The answer to that is blindingly obvious and the financial institutions will have to address that issue properly. Where someone has either no income or a reduced income, their only asset is the family home which has dropped in value by two thirds and is therefore in negative equity, and where the individual has no other source of income or other asset, financial institutions have two choices. They could try to repossess the home where there are arrears. If so, all they will realise when they sell it, if they can sell it at all, is one third of the value.

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