Mattie McGrath (Tipperary South, Independent)
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Question 141: To ask the Minister for Finance his plans to introduce a debt forgiveness scheme for those in mortgage arrears; and if he will make a statement on the matter. [24988/11]

Michael Noonan (Limerick City, Fine Gael)
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As I stated to the Joint Oireachtas Committee on Finance, Public Expenditure and Reform on 1 September 2011, the issue of mortgage indebtedness is a complex one and it is clear that there is no magic solution to solve all problems. There have been many contributions to the debate, including suggestions for the granting of debt forgiveness. As the Deputy will appreciate, this is simply not a realistic option. Solutions must be found on a case by case basis through open and meaningful engagement between the borrower and the lender. The planned reform of the bankruptcy and debt settlement arrangements by my colleague, the Minister for Justice and Equality and Defence, are also key elements in any consideration of potential policy options.

However, a new Working Group has been established under the Economic Management Council. Its remit is to consider the state of implementation of the main recommendations of the Expert Group on Mortgage Arrears and Personal Debt (which reported in November 2010) and to consider and develop further necessary actions to alleviate the mortgage over indebtedness problem. The Government will consider what further action is warranted once the Group has concluded its deliberations and reported to the Economic Management Council. I expect that the Group will complete its work in the very near future.

Joanna Tuffy (Dublin Mid West, Labour)
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Question 142: To ask the Minister for Finance his plans to introduce new initiatives, in addition to the existing measures which are in place, to support homeowners who are struggling to meet their mortgage repayments each month; and if she will make a statement on the matter. [24991/11]

Michael Noonan (Limerick City, Fine Gael)
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The Deputy might wish to note that, in addition to the existing measures which resulted from the report of the Expert Group on Mortgage Arrears and Personal Debt (published in November 2010), a new Working Group has been established under the Economic Management Council. Its remit is to consider the state of implementation of the main recommendations of the Expert Group and to consider and develop further necessary actions to alleviate the mortgage over indebtedness problem. I expect that the Group will complete its work in the very near future.