Jim D'Arcy (Fine Gael)

I support Senator Darragh O'Brien in asking the Deputy Leader to invite the Minister for Finance or the Minister of State, Deputy Brian Hayes, to come to the Seanad to discuss the mortgage problem. I welcome recent reports that the banks plan to introduce a split mortgage product which would allow borrowers to shelve part of their loan, with no repayments and, crucially, no interest payable on that part of the loan. It would not constitute debt forgiveness; there is no such thing, rather it would amount to debt transference. The taxpayer would have to foot the bill, but if we could get this through, it would dramatically reduce monthly outgoings for cash-strapped families and give them breathing space. This, along with the Keane report which on its own will not solve the problem, would assist thousands of families in these difficult times. I, therefore, ask the Minister to come into the House because the Department of Finance official, Mr. Declan Keane, raised this issue with the banks last September and it is time we got this measure through.