Jillian van Turnhout (Independent)

I thank Senator Marie-Louise O'Donnell for sharing time. The new mortgage to rent scheme, which is designed to assist those in severe mortgage distress, will only assist homeowners whose mortgage has been deemed unsustainable, are eligible for social housing, agree to the voluntary repossession of the property and do not have significant positive equity. Is there a standard definition of an "unsustainable mortgage" to which all banks must adhere or are decisions in this regard made on a case-by-case basis by each bank after homeowners have completed the mortgage arrears resolution process?

Under the new rules regarding mortgage interest supplement, newly-unemployed mortgage holders will, as I understand it, first have to approach their lender and negotiate a restructuring of their mortgage. The restructuring plan must then be in place for 12 months before they can even apply to the Department of Social Protection for the mortgage interest supplement. This means that a person who is newly unemployed could be left for up to 18 months without any State support or assistance. Does the Minister share my concern that this could add greatly to the arrears problems and reduce the ability of distressed mortgage holders to make repayments to their lenders when they find themselves in these circumstances?

I will refrain from commenting on the Personal Insolvency Bill until I have had an opportunity to wade through it and understand fully its implications.