Enda Kenny (Mayo, Fine Gael) | Oireachtas source

No, I am not happy that people are still in mortgage distress because of the catastrophic economic situation and I will not be happy until everybody has received a workable and practical offer that is not just related to interest-only repayments. The total number of permanent restructures, those that work in a sustainable way, has increased to approximately 54,000 accounts. Term extensions and arrears capitalisations are the dominant permanent restructure type. They comprise approximately 60% of the total. There has been an increase in the number of split mortgages to over 7,100 from 2,500 at the end of August last. This includes split mortgages on a trial basis, pending completion of a short period of successful payments. The targets have been set by the Government and the Central Bank for the banks to achieve. It is down to the relationship between the borrower and the lender and how they avail of the suite of opportunities available to work out a solution in each individual case.

The Deputy commented that we had said we would help those in negative equity. What should we do, except strive to make the economy more competitive, productive and strong? There is growth in the economy. We have managed to pull the country back from an economic abyss. We created 61,000 jobs last year. Interest rates have fallen from 15% to less than 3%. The National Treasury Management Agency, NTMA, can go back into the international bond markets with a sense of confidence and be in a position to raise finance to meet most of its financial requirements in 2015. That helps to create the opportunity for an increase in house valuations and property prices again, but it is uneven. There is pressure to have significant numbers of houses built in the greater Dublin area and other cities and so on. The rise in property values and prices has not touched all parts of the country. When the Deputy asks me to help those in negative equity, the best answer is that we rectify the public finances and get people working. That is what stimulates confidence, growth and jobs in the economy and prosperity.

Were we to continue in the position in which we found the country, we would be paying back another €3.1 billion on the promissory notes today. That would give cause for raising a variety of questions here, I should think.

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