“Up to 35,000 homeowners are in dire straits with their mortgage repayments. Many families have been struggling with debt for the last 12 months. With so many families caught between the spectres of negative equity and repossession, Government support has never been so important.

“So for Ministers Eamon Ryan and Dermot Ahern to announce a policy which hasn’t even been drafted is a piece of blatant cynical politicking.

“Minister Ryan’s best suggestion was for homeowners to talk to their banks, while Minister Ahern merely confirmed that the policy is still being drafted. That’s no comfort to those families and homeowners who face the terrifying prospect of losing their homes.

“This same Government has rejected repeated suggestions from Fine Gael to assist homeowners. Most recently, the Government rejected Fine Gael’s homeowner support scheme, which would have allowed homeowners to spread the repayment burden by letting NAMA take a stake in their home. NAMA would negotiate a write down in the outstanding debt with the lender, and the homeowner would manage the remainder of the debt, while paying a rental fee to NAMA. And there would be a long-term option to buy back NAMA’s share of the property.

“Meanwhile:

      The ESRI estimates some 200,000 families will face negative equity;

      422,500 people are now on the live register;

      The High Court is hearing around 100 repossession applications every week.

“Dermot Ahern has also rejected Fine Gael’s proposals to keep debtors and fine defaulters out of jail, including TV licence offenders. Our proposal would have allowed minor offenders to pay back money owed in instalments, instead of taking up valuable prison spaces at massive cost to taxpayers.

“Government Ministers should try staying off the airwaves until they have a fully-thought out policy to announce.”