Mortgage relief scheme ‘not feasible’

THE Government has played down the possibility of introducing a mortgage debt-relief scheme for struggling homeowners.

Although saying it would examine any proposal, Government sources said a €5bn-€6bn scheme similar to that proposed by economist Morgan Kelly was not feasible.

“The idea that you would have widespread debt forgiveness is mad, because the taxpayer will have to pick up the bill for that,” one Government source said.