Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

When all the grandstanding is taken out of it we all know that people's inability to pay their mortgages is one of the big problems in Irish society. Yesterday, arrangements were announced which will ensure that systematically people will be offered solutions so that their mortgages will be sustainable. The Central Bank will monitor this and provide the targets. The targets announced yesterday were that by the end of June 20% of people with impaired mortgages will be offered solutions. By the end of September that will go to 30%, by Christmas it will have gone to 50% and the residue will be dealt with next year. These are offers to mortgage holders of ways to resolve their positions. Early in the summer the Central Bank will set targets of agreements that the banks must reach. We are at the stage where the number of people coming into arrears has lessened a great deal so we can quantify the problem and we are dealing with it systematically. The Department of Finance is involved but the driver is the Central Bank. People want solutions to their indebtedness. This is what we are doing.

Most of us here have had or have mortgages. One gets the money from the bank or building society and gives it the deeds of the house. The deeds are worth nothing unless there is a legal possibility of the collateral being realised by the banks. It does not work otherwise. If there is no provision in law for repossession there is no mortgage market. Then Deputy Martin would be back in here asking me why the mortgage market collapsed and why young people cannot get loans. Providing for it in law is different from saying this must be a primary option. It will be a residual option in extremis for the family home. That is what I have said.

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