Simon Harris (Wicklow, Fine Gael) | Oireachtas source

Nobody has a monopoly on concern. Deputies on all sides of this House are concerned about mortgage arrears. We all see the issue in our clinics and communities but it is not fair to say nothing is being done because the Central Bank statistics show that 117,000 family home mortgages had been restructured by the end of quarter one of this year. Those are real people, some I would guess in the Deputy’s constituency and some in mine. They are engaging with their lenders and are able to get their lives and their family finances back on track. It is also true to say, however, that there is much more to be done. I take the Deputy’s point about the mortgage to rent scheme. It could be of great help but it needs to be modified. I will contact the Deputy with a note on the information she has requested on that scheme.

It is important to note the Central Bank has identified shortcomings but it has also identified good practice. It is important and right that we focus on the shortcomings. It now needs to deal with those shortcomings in a speedy manner. It has the powers it requires as it reiterated this morning. There are several options available to it if it is not satisfied that a lender is in compliance with the code. I encourage the Central Bank to act swiftly and I have every confidence that it will. The letter it has sent to seven lenders is published on its website for all to see. It sets out the shortcomings, the good practice and what now needs to happen. Mortgage arrears and debt will continue to be a priority for this Government, which wants to sort it out. I do not share the Deputy’s view on the fattening up of the banks. We have a commitment to recoup every cent the Government put into the banks so that we can do exactly what the Deputy wants to do, get it back into the taxpayers’ coffers and spend it on the crucial public services we need.

See this speech in context