Terence Flanagan (Dublin North East, Fine Gael)
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Question 134: To ask the Minister for Finance his views on the mortgage market and particularly on the IBF PWC Mortgage Profile for Q3 2011 recently published; and if he will make a statement on the matter. [36083/11]

Michael Noonan (Limerick City, Fine Gael)
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I have received the report of the IBF/PwC Market Profile for new lending for the quarter ending 30 September 2011. This report shows that 3,607 new mortgages to the value of 623 million euros were issued during that quarter. This represents an increase of 1.6% in the number of mortgage loans issued in the quarter compared to the previous quarter. It is the first time since the third quarter of 2006 that the number of new mortgages issued has increased in two consecutive quarters. However, this small gain must be considered in the context that the number of mortgage loans issued in the quarter is 50.3% less than in the same quarter in 2010. I welcome the indications that the number of mortgage loans being issued is gradually increasing in 2011. However, it should be borne in mind that it is ultimately a commercial decision for mortgage lenders to determine the number and amount of mortgage loans that they grant.