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

I will outline the remainder of the reply which I did not have time to read. In relation to the proposal suggested by the Deputy, I am not convinced how workable a solution it may be, but it appears to be the case that many of the properties that banks are moving to repossess have been carrying arrears for some significant period and would be sold for a lower valuation than the original mortgage.

Mortgage arrears is, however, an area that remains under continual review. More and concerted action can be undertaken by the banks to assist customers in arrears and as the Taoiseach has previously announced, my Department is considering a range of options to support the existing framework and to improve the uptake of personal insolvency solutions.

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