Cormac Devlin (Dún Laoghaire, Fianna Fail) | Oireachtas source

I would like to raise the issue of the lifetime loans being offered by some financial institutions. I recently raised the issue with the Minister for Finance by way of parliamentary question. I am asking for clarification on the number of lifetime loans being issued in this State. The Minister advised that the Central Bank regulates the product but it does not publish the data. I find this extraordinary. Perhaps the number of lifetime loans is so small that it is not a matter of concern but we do not know as the figures are not published. It does not tie in with the level of advertising the industry is conducting. Almost every time I turn on the radio, it feels like the products are being advertised day and night. According to one provider’s website, the cost of repaying a modest €75,000 loan taken out by someone at the age of 60 and repaid by the time the person is 85 is €292,000. Given the short- to medium-term economic outlook here and the implications this will have for older people, will the Minister for Finance contact the Central Bank asking for statistics on lifetime loans to be published?

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