Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

Under the proposal I am suggesting, the banks would be no worse off because the mortgage holder would just keep the tracker on that portion of the mortgage. Obviously, the balance of the new mortgage would move to a variable rate. That is the key issue. There is no doubt that it would be healthy for the economy and generate movement and activity. It is something that should be looked at. Obviously, trackers are a big problem for the banks but if what I am suggesting was implemented, they would be no worse off and the economy and the families would definitely be better off.

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