Micheál Martin (Cork South Central, Fianna Fail) | Oireachtas source

In the words of the Governor of the Central Bank, Mr. Honohan, household debt and financial distress is at an unprecedented level. We now have more than 180,000 residential mortgages in some form of distress or difficulty. Some 20,000 mortgages are in arrears for over two years and some 86,000 mortgages are in arrears for over 90 days. The situation is serious at a personal, social, financial and societal level. It is a national emergency which demands a significant response.

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