We have taken a muscular approach to you (banks) on passing on the ECB interest rate reductions
The Economic Management Council is driving the things that need to be driven - getting mortgage lending on a reasonable basis going again
Should we look at
- long-term fixed rate mortgages
- the appropriateness of 3rd party guarantors
- introducing non-recourse mortgages
- insisting on higher deposits
- replacing our love affair with property with a strong rental sector
Blanket debt forgiveness is impossible - it's crazy talk.
It would cost €14 billion of negative equity.
We are working with the banking sector in developing solutions on a case by case basis - write downs or write offs
A Key Priority of the government is to get the Personal Insolvency Bill on the statute book. The Bill will be published later this month and will be passed by the Oireachtas this quarter.
The Central Bank has a Key Role in the Mortgage to Rent Schemes.
The Mortgage Advisory Function proposed in the Keane Report has a key role. At the moment people must appeal within the bank. There should be a third party between the borrower and the lender to assess what payments the borrower can make.