Seanad debates

Wednesday, 6 November 2013

Social Welfare and Pensions Bill 2013: Committee Stage

 

7:05 pm

Photo of Fidelma Healy EamesFidelma Healy Eames (Fine Gael) | Oireachtas source

If my figures are correct, I understand that in 2012, the Government paid out €55 million in mortgage interest supplement payments. While this provision now is to be phased out completely, I note those who are in receipt of such mortgage interest supplement payments at present need it to be paid for them in order to stay in their houses and to keep their houses until hopefully, their situation improves sufficiently to be able to do without such payments. Are these homes now under threat or at risk? Perhaps the Minister already has clarified this for Members but I am acutely conscious that €55 million is a lot in interest. The average mortgage might be three times more in terms of capital and if one looks at it from that perspective, €55 million in mortgage interest payments could be the equivalent of €200 million in mortgages. This is a substantial figure that, when broken down, would equate to a large number of households. The Minister should clarify for the House how these people will remain in their homes without the assistance of mortgage interest supplement payments. I am aware that the Personal Insolvency Act now is in place. Am I correct that it has just commenced in October 2013?

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