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

When we entered into office, we quickly put a range of options in place so that banks and lenders could interrelate with people who were in arrears and devise solutions that would enable the latter to remain in their homes while continuing to pay all or part of their mortgages. There was a menu of solutions, but we realised that there was no one-size-fits-all solution. Some options would suit one borrower while other options would suit another borrower. By and large, this approach has been successful, with 115,000 mortgages reconstructed. There are more mortgages reconstructed than there are in arrears.

Going down the scale of difficulty, however, there is a residue of mortgages that the menu of options is not addressing or seen to be addressing. We are returning to the issue to propose new options, one of which is to amend the insolvency Act so that something along the lines of what the Deputy has suggested can be put in place. I expect the Minister for Justice and Equality to bring her proposals to the Government shortly.

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