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

I did engage with Banking and Payments Federation Ireland, BPFI, in recent weeks on these issues. I know that BPFI met the mortgage group on 29 May and provided me with an update from that meeting. Having met the homeowners yesterday on the specific mortgage issues, I think the asks they have are quite reasonable in the main. They want dedicated contact points in place within the institutions concerned. Bridging finance or interim funding will be an issue for many of them. We will of course discuss this issue with the banking sector. The group also raised the issue of covenants and some of the terms of the existing mortgage clause. For example, where a home is demolished because of defective blocks, it should not allow the bank to essentially nullify and call in a mortgage. The group's issues are legitimate in the round and we will engage further now with the sector. We will certainly keep the channel open and continue to work with the group on the particular mortgage issues they raised with me.

See this speech in context