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

There is no doubt there has been a very significant problem with debt in the economy, including private debt, SME debt and, indeed, national debt. Plans have been put in place by the Department of Finance and the Central Bank to resolve the debt situation. What I am saying is that progress has been made, not that everything has been solved.

There is no contradiction between the figures the Deputy is giving on the percentage in arrears by volume and by value, and what I am saying, namely, that 90% have been resolved. For quite a long period, even though they are resolved, they are still showing as arrears in the bank books as they are not taken as loans that do not have arrears. It is the same with mortgages. Until the Central Bank does the audit and says the repayment arrangements are sustainable, it still remains in the arrears figures. Of course, we will reach a tipping point where the resolution arrangements will be deemed to be satisfactory and people will continue to pay their loans.

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