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

The commitment I can give as Minister is that we will help households in the budget, but those decisions fall to be made as part of the budgetary process. The Deputy gives stark examples, which are real examples, of people whose mortgage payments might have increased by €400, €600 or maybe €800 a month. His proposal is to give them €4 a day, maximum, to help them with their mortgages.

We need to look at all of this. We need to look at the role of the Money Advice & Budgeting Service, MABS, the role of the insolvency service and what reforms and changes are needed there. We need to look at mortgage to rent, the consumer protection code and the code of conduct on mortgage arrears. There are a whole suite of measures here that have to be examined to see how we can help in practical terms the mortgage holders who are under real pressure, as many are. I acknowledge that. We have managed to bring the level of arrears down significantly over the past ten to 12 years. I do not want to see that progress move into reverse. My key message is that no borrower should be allowed to fall into arrears because of interest rate hikes if he or she is making a genuine effort, and the code needs to be fully applied in that regard. I will be engaging again with the sector - the banks, the non-banks and the Central Bank - on all these issues in the weeks ahead.

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