Stephen Donnelly (Wicklow, Independent) | Oireachtas source

This question concerns the fact that in many restructurings of distressed mortgages, banks are making more money than they would have had the mortgage not been restructured. For example, the Committee on Finance, Public Expenditure and Reform went through the Bank of Ireland's restructures. The bank's chief executive admitted that in at least 90%, and probably a lot more, of the mortgages the total amount being paid back by the borrowers was more. Therefore, term extensions and capitalisation of arrears led to more. It is particularly depressing right now with the courts becoming filled up with orders for repossession from banks. We are aware that in many cases the banks are making more money out of these mortgages than they would have had they been functioning normally. Does the Minister agree that this should not be happening and, if so, can he legislate accordingly?

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