Denis Naughten (Roscommon-South Leitrim, Independent)
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198. To ask the Minister for Finance if he has considered the possibility of intergenerational mortgages; if legislative or Central Bank authorisation would be needed if such a product were to be offered; if such products are authorised in any other member State; and if he will make a statement on the matter. [2441/14]

Michael Noonan (Limerick City, Fine Gael)
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The Deputy will appreciate that it is a matter for financial institutions to consider what products are made available. The Central Bank of Ireland does not approve products offered by regulated entities and does not collect data on product availability in other Member States. Regarding the issue of inter-generational mortgages, the Inter-Departmental Mortgage Arrears Working Group Report, 2011, indicated that research showed that country specific factors are very important and that the product would likely encounter serious legal difficulties in Ireland.  However, regarding those existing mortgages in difficulty, the Report suggested that a split mortgage, which may contain a residual balance, at the end of the mortgage term, was one possible approach that a lender may take to address such a difficult situation.