Jan O'Sullivan (Limerick City, Labour) | Oireachtas source

A great deal of progress has been made across the board in terms of the personal insolvency legislation and the constant pressure exerted on the banks, as has again been reiterated in the past week. The mortgage to rent scheme is part of this, but it is to deal with the most distressed mortgages. There are a number of criteria, including that people have to qualify for social housing and the homes must be under a certain value. It is a very big decision for a family to make that they are no longer going to own their home and are actually going to rent it. This takes time. For example, we reckon the legal process takes on average eight months. It is a totally innovative scheme which we had to invent and it only came into action last year. I am anxious to see more cases going through. While I accept the number that has gone through is very low, we have 300 cases in train and expect at least 250 to get over the line this year. Again, I stress it is a difficult situation for families and that it is a slow and long process. While we now have engagement with the banks, we will continue to keep the pressure on.

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