Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

I thank the Deputy, who has raised very important issues. I know that the Central Bank takes them very seriously. The review of the consumer protection code is a very important body of work which is currently under way. I encourage all Members of the House to engage in the process and to share the real-life experience of constituents, which has been conveyed to us, so that the Central Bank is fully aware of what is happening on the ground and in reality.

It is worth putting on the record that the level of mortgage arrears in Ireland has fallen very significantly. For the quarter ending September 2022, slightly over 45,700 primary dwelling mortgages were in arrears and, when those mortgages which were in very short-term arrears were excluded, some 30,800 were in arrears of more than 90 days. That is approximately 4.3% of principal dwelling house mortgages. Back in 2013, that was almost 13%. That said, there is no room for complacency. We know that interest rates have risen and are likely to rise further and that, of course, has an impact on the affordability of mortgage repayments for customers. We do not want to see the progress that has been made in respect of mortgage arrears going into reverse. The types of issues that the Deputy has raised are very important. I know that they will be considered very carefully by the Central Bank in respect of its regulatory function.

See this speech in context