Larry Butler (Fianna Fail)

I just wanted to mention it in passing, but my main comment is on potential solutions for mortgage holders. EBS has drawn up proposals via the Joint Committee on Social and Family Affairs, in particular Deputies Thomas Byrne and Olwyn Enright. I became involved in terms of the banking angle. We decided not to make suggestions, but to see what proposals the societies would make. Of the number generated, one was to the effect that two years without penalties rather than the current period of 12 months would be afforded to defaulters and added on to their mortgages at the end. Another suggestion from the report is on a new insurance policy guarantee scheme to create a bond for people who default on their mortgages at some stage. It would also support banking and other institutions to have less capital on hand. I will not have time to outline these proposals.