Pearse Doherty (Donegal South West, Sinn Fein) | Oireachtas source

I welcome that the Minister has asked the finance committee to produce a report. As a member of that committee, I am sure it will do that work as diligently and as speedily as possible. However, we need to get to the core of the Government's position at this moment. The finance committee's reports on mortgage arrears have not been implemented. The key issue is that the Central Bank has voiced its opinion on 80% loan-to-value mortgages and asked for submissions. It is important that we know the Government's thinking on a mortgage guarantee scheme. For example, would a scheme only guarantee loans within the 80% limit or would it extend to 90%? How would defaulters be pursued? Would the Government, which would have taken on some of the risk, pursue them? What fees would be applied?

Crucially, in terms of the consultation process, we need to know the Government's position. Given the Minister's statement of 27 May, has an economic analysis been conducted by his Department? Is there any intention to introduce a mortgage guarantee measure in the Finance Bill or is it being left to the finance committee to produce a report that the Minister will consider?

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