Seanad debates

Wednesday, 24 June 2009

7:00 pm

Photo of Pearse DohertyPearse Doherty (Sinn Fein)

I thank the Minister of State for his reply. Perhaps he might bring a number of points to the attention of the Minister of State with responsibility for housing, Deputy Finneran. All recipients of these loans in excess of 10% should be informed of mechanisms to re-finance in the private sector, if they have not already done so, and they should be assisted in doing that because many of these people do not know this facility is available.

For the many who will be refused by the private banks and lending institutions, we need to find a way for the local authorities to allow them to re-finance. The Minister of State said in his reply that the Department was not aware of individual situations. This is one example: €17,000 borrowed, €32,000 repaid and still there is €10,000 left to repay. That means the customer of Donegal County Council in question will pay well in excess of 100% of what he or she originally borrowed. The problem is that such a person will not be able to re-finance in the private sector, so there is still an anomaly there that needs to be addressed. I should appreciate it if the Minister of State, Deputy Haughey, would bring that to the attention of the Minister of State, Deputy Finneran.

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