Tom Barry (Cork East, Fine Gael) | Oireachtas source

I am all for some of the other items listed and would even discuss the split mortgage option. I have put forward many recommendations in the past and the Keane report has spoken about it. If a person is in debt to the extent of €300,000 and can afford interest and principal on €150,000 while the balance is parked, inflation means that whoever inherits that house will have a property with a mortgage of only 30% to 40%. He or she will have received a very valuable asset. Perhaps we need to discuss that, but writing off the debt means the money is gone from the State forever. While we might discuss whether interest can be written off or other arrangements entered into, we owe it to our society to ensure that we have a situation that is sustainable. Crystallising debt losses at the expense of the taxpayer is something we must look at seriously.

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