Leo Varadkar (Dublin West, Fine Gael) | Oireachtas source

The Deputy is correct. Distressed mortgage holders are under enough stress so we should not add to that unnecessarily by causing them undue concern. As I said, PTSB has not sold any of these loans. It has not identified a prospective buyer. It is an assumption by some people that that buyer will be an unregulated so-called vulture fund. That may not be the case. It may turn out to be a regulated bank or another institution. It is required that the bank consults with the Minister for Finance when it has something to consult with him on in detail, which is an advanced sale proposal. No such proposal yet exists. The Government will give open and constructive consideration to any proposals for additional protections that may be necessary so that we ensure that the rights and freedoms of borrowers and mortgage holders are protected.

I make one final point and it is an important one. We have made enormous progress in this country in recent years when it comes to mortgage arrears. They have been falling here in every quarter for more than four years. The percentage of people in mortgage arrears has fallen from a peak of 12.9% to 6.9%. There will always be a certain percentage of people in mortgage arrears. The percentage has fallen by more than half in four years. There have been a very small number of repossessions in this country relative to other countries. This is an area where we have made some important progress and it is important to acknowledge that.

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