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Social Democrats T.D. for Dublin Bay North, Deputy Cian O’Callaghan, has called on the Minister for Finance to work with the Central Bank of Ireland and the commercial banks to extend the mortgage break from three months to six.

Deputy Cian O’Callaghan said:

“The three-month mortgage break offered to those affected by COVID-19 must be extended to six months to give people the space they need. We know that 45,000 mortgage breaks have already been agreed, many of these people have lost their jobs or other incomes. People are worried about upcoming mortgage repayments. Action must be taken now to reassure them.”

“Unfortunately it is going to take us longer to recover from the COVID-19 crisis than initially expected – our policies must change to reflect that fact. We have to be responsive to the changing situation. Other EU countries like Portugal have already offered a six-month break on mortgages. We need to follow suit.”

“While some families won’t need this added measure – for those that do, it will free up some financial resources which can be spent on essentials like food. It may also help to reduce some of the stress and anxiety that often comes with financial pressure.”

“We need to take a fair and pragmatic approach to this crisis. People’s credit rating shouldn’t be allowed to suffer because they can’t make an upcoming payment– extending the mortgage break should stop this from happening.”

“The Government and Central Bank must take action now to prevent a repeat of the hurt and harm that was caused during the financial crisis. As a first step, the mortgage break should be extended from three months to six.”


23rd April 2020


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