Terence Flanagan (Dublin North East, Independent) | Oireachtas source

I thank the Minister for his response and outlining the background to this debacle. I raised this issue directly with the Taoiseach on the Order of Business yesterday when he said he would ensure a process would be put in place in order that all public representatives would be kept up to date on what was happening with the banks, Dublin City Council and all other interested parties. That is necessary because there is a lot of anxiety surrounding this issue. I ask the Minister to comment on this and ensure it does actually happen.

There are media reports today to the effect that the residents' financial adviser, Mr. Michael Dowling, has advised that the residents would like to have their mortgages absorbed by the banks and written off. Mr. Dowling has also advised that the residents want their mortgages to be replaced with new ones, with similar financial agreements for a property of their choosing. He has further advised that the former residents do not want to return to the complex, even if it is renovated. I ask the Minister for his thoughts on this. Can he give any indication as to what outcome he would like to see for the residents at the end of this process? Does he believe the banks should write off their mortgages? Should the development be renovated to a very high specification to enable the residents to return in the future or should they be given new mortgages for properties similar to those they originally purchased at Priory Hall?

See this speech in context