Micheál Martin (Cork South Central, Fianna Fail) | Oireachtas source

The European Banking Authority has clarified the matter of application of interest in cases of payment breaks that people have received from banks. It is worth pointing out that approximately 140,000 payment breaks have been issued in respect of approximately 78,000 mortgages. These are popular initiatives and many people have availed of them and found them very helpful. The Minister for Finance will now engage with the banks on this latest clarification from the European Banking Authority and the comments of the Governor of the Central Bank. The key issue with existing banking rules was to ensure the creditworthiness of individuals was not impaired by availing of these particular schemes. Another key principle was that banks would not profit from these forbearance measures. The Minister for Finance will engage actively on this matter and is reviewing it in light of the statements.

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