Mortgage-to-rent scheme ‘threatened by pillar banks’

The failure of bailed-out banks to get behind the Government’s key mortgage-to-rent scheme risks turning debt-relief initiative into a flop, ministers have been warned.

So far, just one property has been transferred under the Government action plan — despite predictions some 200 family homes would by now have switched under the scheme.

Chairman of the Dáil’s influential environment committee, Ciarán Lynch has expressed alarm at the slow progress of the initiative and lays the blame at the doors of nationalised banks like AIB and Bank of Ireland.