Enda Kenny (Mayo, Fine Gael) | Oireachtas source

It is good news for the people involved here. I understand that the value of the house in question has been seriously reduced from the market value that was originally estimated. It would probably be very difficult to sell it. In any event, this form of analysis is done on a case-by-case basis. The outcome of this morning's case might not be replicated in the particular circumstances of many other cases. The Deputy has asked for a review of the system. Some 85,000 mortgages have been restructured. In 50% of those cases, the mortgages were restructured before people got into difficulties. This was facilitated by banks or lending institutions that were in a position to cut deals with the people involved. Everyone understands that house repossession is very traumatic and should be seen as a last resort. The targets set for the banks are being monitored by the Department of Finance and the Central Bank. That information comes to the Cabinet sub-committee on credit access and credit review. The arrangements made by the Insolvency Service of Ireland, the banks and the Irish Mortgage Holders Association are being monitored constantly.

I do not think there is a need for a system review to be set up. The system has to operate on a case-by-case basis. Every case is different in some way or other, depending on the circumstances and the people involved. I ask the Deputy to believe me when I say we want this to be sorted out. The Minister for Finance has made it clear on more than one occasion that the significant numbers of people who still have mortgage distress hanging around their necks need to have that pressure relieved so that they can contribute to the economy, to society and to the well-being of their families. I do not think there is a need to set up a body to review the entire system. It is being monitored by the Central Bank and the Department of Finance on a regular basis. The important thing is for the banks to be required to meet the targets that have been set for them. It is intended that by the end of this year, every person in mortgage distress will have been offered a sustainable solution.

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