Personal Debt

Dáil Éireann Debate, Wednesday - 26 October 2011

Wednesday, 26 October 2011

Questions (26)

Thomas P. Broughan

Question:

26 Deputy Thomas P. Broughan asked the Minister for Finance regarding the Keane report, the proportion of owner-occupiers who were first-time buyers between 2003 and 2007; the cost of debt write-downs of 50%, 40%, 30% and 20% for that category of homeowners; and if he will make a statement on the matter. [31686/11]

Written answers

Minister for Finance (Deputy Michael Noonan)

I have been advised by the Central Bank that it is estimated that between 18% and 21% of owner occupier mortgages were first time buyers between 2003 and 2007. The Bank also estimates that a debt write down in the range of 20% to 50% of the outstanding balance on these loans would cost between €6 billion to €16 billion.