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

That is not spelled out. This is despite such mortgage holders experiencing a significant increase in the cost of their mortgages. Additionally, it is important to note there may be scope for many borrowers, in particular variable rate mortgage borrowers who have built up equity in their homes, to look at alternative mortgage options to reduce their mortgage costs.

That being said, there will be some mortgage holders who are not in a position to fix their mortgage or may experience real difficulty. It is essential, therefore, that lenders and servicers, as well as borrowers who are experiencing difficulty, avail of and utilise the strong consumer protection framework to protect borrowers and ensure, where possible, real and effective solutions are put in place. As the independent regulator, the Central Bank has stated it expects regulated firms to be proactive and prepared to support their customers who may experience difficulties in what we know are challenging times for many. It is actively engaging with regulated entities, including non-banks, to ensure that their approach to supporting their customers will use all their range of forbearance for borrowers experiencing repayment difficulty and is in line with the bank's consumer protection framework and expectations.

These are challenging times for many mortgage holders. However, the Central Bank and wider Government framework to protect, support and assist mortgage holders has worked during difficult times in the past, such as the fall-out from the financial crisis and, more recently, the Covid period. It is a sound framework to meet the current difficulties that will arise for many borrowers. The Government will continue to work with regulators and lenders to ensure borrowers are protected at this time. I commend the countermotion to the House.

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