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

I have acknowledged the real-life impact on mortgage holders of the changes in ECB rates. The Deputy will always quote the very highest figures and the highest examples. The same Central Bank report to which he referred also points out 40% of mortgage holders are protected because they are on fixed rates. In the various scenarios it looks at, the average impact is 13% to 16%. That is not insignificant and there are others, of course, for whom the impact is considerably higher.

I accept that and recognise it, which is why I have been engaging directly with the Central Bank. It should not be the case that because of an increase in a mortgage rate brought about by an ECB change of monetary policy, which is happening with a view to bringing down inflation, individuals should end up in arrears. That would be a failure of the system and of the Code of Conduct on Mortgage Arrears. The Central Bank has stepped up its regulatory and supervisory function and activity in that regard. The Deputy knows that, given he has met its representatives directly. I have also made the point that many of those who are now with the non-bank sector should be enabled to switch back their mortgage to the main banking sector, and I believe we will see activity and movement in that regard.

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