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

As the Deputy is aware, a menu of options is available to the lending institutions and mortgage holders in the context of restructuring mortgages. Some of these initiatives suit particular mortgages holders while others do not. One of the quite frankly disappointing aspects of this matter is the low level of take-up in respect of the personal insolvency legislation. However, the position in this regard is improving and I understand that the take-up figures are now comparable with those which obtained in the UK when insolvency legislation was introduced there. The insolvency regime and how it applies, and the other issues raised by the Deputy, are all contemplated by the review being conducted primarily by the Department of Finance. The views put forward by Deputies in this House and at the Joint Committee on Finance, Public Expenditure and Reform will, of course, be taken into account. The views of the Deputy and others are not secret and we are quite well aware of them.

I must sound a note of caution. It is possible that we could take initiatives which might make matters worse. As a result, we want to ensure that those we do take will be positive in nature and that they will contribute towards an overall solution. It is not the case that the options currently available have failed, but there is no doubt that they can be enhanced. As already stated, 110,000 mortgages have been restructured, and this represents significant progress. However, there is a residue in respect of which an enhanced range of options might provide assistance. As stated, I expect announcements on this matter to be forthcoming during the coming month.

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