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

I previously informed the House that letters threatening repossession or legal action could not, in my opinion, be considered a sustainable solution under the mortgage arrears targets process and should only ever be considered after every possible avenue for a solution had been exhausted. The Governor of the Central Bank has stated any bank proceeding lightly to legal recourse with co-operating borrowers without satisfying the protections of the code of conduct on mortgage arrears, or where alternative sustainable arrangements are available, is not acting in a manner consistent with the MART regime. It is true that quite a number of mortgages are in arrears. The banks under the direction of the Central Bank are moving through these mortgages systematically in order to ensure proposals will be made to each mortgage holder and that sustainable restructuring will take place. A more important statistic in respect of the people involved is that they continue to live in their own homes, despite the fact that their mortgages are in arrears. Ensuring they remain there is the primary policy objective.

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