Keane report author: Some debt forgiveness required

The man who advised the Government on how to deal with the issue of mortgage arrears has said banks will have to engage in some debt forgiveness.

The Keane report warned against any blanket debt forgiveness scheme in favour of a range of solutions to help those no longer able to afford to repay their mortgages.

However, its author Declan Keane this afternoon told an Oireachtas Committee that banks would have to write off some mortgages.

"The mortgage lender will have to, and should, engage in debt settlement agreements and…also in certain situation, would not recoup the entire amount of the loan," he said.