John Halligan (Waterford, Independent) | Oireachtas source

Aside from unemployment, would the Minister accept that mortgage arrears are the single biggest issue facing Irish homes today? He will be all too aware of the many people in long-term arrears on their homes. At the end of June, it was estimated that there were 38,000 mortgage accounts over two years behind in payments. This figure continues to grow as, I believe, will the number of evictions.

The high costs being paid by those on variable mortgages is a huge factor. There is no question about that. While some borrowers on tracker loans are paying less than 1%, from what I can gather, others on variable rates are paying 4.5%, which is significantly higher than the equivalent Euro rate which, while I am open to discussion on that point, I reckon is about 2.2%.

For some families, the extra cost will determine whether they can heat their homes this winter. Others are being forced into further arrears, bringing them closer to the limit at which they will not be able to keep their homes. The Minister made the point that they should consider moving to a different lender. That should not have to be an option. We should be able to bring in legislation to force the banks to reduce their variable interest rates, as has been said in this House on numerous occasions by Deputies from all parties.

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