29 Deputy Bernard J. Durkan asked the Minister for Finance the extent to which he has received any communications from the banking and lending sectors with a view to achieving a basis for addressing the ongoing and ever-increasing issue of mortgage arrears, which has been exacerbated by unemployment and negative equity; the extent to which agreement can or will be reached towards the elimination of compound interest, which in turn reduces the capacity of the borrowers to resolve a debt problem, increases the burden and reduces considerably the ability of the borrower to meet repayments; the degree to which progress has been or can be made towards putting in place a mechanism, incorporating aspects of the Keane report, that will at least give a householder with mortgage arrears a reasonable chance of regaining control over mortgage debt; and if he will make a statement on the matter. [5522/12]

Summary

29 Deputy Bernard J. Durkan asked the Minister for Finance the extent to which he has received any communications from the banking and lending sectors with a view to achieving a basis for addressing the ongoing and ever-increasing issue of mortgage arrears, which has been exacerbated by unemployment and negative equity; the extent to which agreement can or will be reached towards the elimination of compound interest, which in turn reduces the capacity of the borrowers to resolve a debt problem, increases the burden and reduces considerably the ability of the borrower to meet repayments; the degree to which progress has been or can be made towards putting in place a mechanism, incorporating aspects of the Keane report, that will at least give a householder with mortgage arrears a reasonable chance of regaining control over mortgage debt; and if he will make a statement on the matter. [5522/12]

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• Personal Debt

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