A survey of Irish people's attitudes towards debt forgiveness for those experiencing difficulties repaying their mortgages and/or in negative equity. The survey was conducted in June 2011 in association with the RTE Frontline programme.

1. Forgiving
the Debt
27thJune 2011
© Amárach Research
Forgiving the Debt 1

2. Forgiving the Debt
A record number of home owners
in Ireland are experiencing
difficulties with their mortgage
repayments, as well as suffering
from negative equity in their
homes.
There have been calls for
measures to reduce the debt
burden of those experiencing such
difficulties: either through more
flexible mortgage arrangements or
outright debt forgiveness.
RTE Frontline & Amárach
Research have conducted a
nationwide survey of 1,000 Irish
people in June 2011 to gauge their
views on what should be done.

3. A Nation of Owners
Home Ownership
Most people (57%) own
their own homes in Ireland:
57% 55% rising to 84% of those aged
43% 45% 55 and over.
Among home owners, a
majority do have
mortgages: rising to 89% of
Do you own your Owners Only: 35-44 year olds, falling to
own home? do you have a just 27% of those over 55.
mortgage?
Yes No
Source: Amárach Research, June 2011
Forgiving the Debt 3

4. Forgiveness
Q. Would you support a reduction in the mortgage debt of people who
are having difficulty meeting their monthly mortgage repayment?
Debt Forgivers
% Yes The vast majority of Irish
people support the idea of
82% some mortgage debt
78% 78% 78% 74% forgiveness for those in
difficulty – over three
quarters of all adults.
Those home owners who
do not have mortgages are
slightly less supportive.
Women are slightly more
Total Home Non Mortgage No
supportive than men (82%
Owner Owner Mortgage vs 74%), and young people
more than older people.
Source: Amárach Research, June 2011
Forgiving the Debt 4

5. Negatively Positive
Q. Would you support a reduction in the mortgage debt for people who
are in negative equity on their personal dwelling home?
Pro-Negative Again the majority of Irish
% Yes people support the idea of
some mortgage debt
forgiveness for those in
72%
negative equity – albeit a
69% 69% 70% 66% lower percentage than for
those experiencing
repayment difficulties.
Those home owners who do
not have mortgages are again
slightly less supportive of the
idea – but most are.
Total Home Non Mortgage No
Owner Owner Mortgage Women are also slightly more
supportive than men (73% vs
Source: Amárach Research, June 2011 66%), and young people
slightly more than older
Forgiving the Debt
people. 5

6. Buy to Sweat
Q. Would you support a reduction in mortgage debt for people who bought
properties to rent but who cannot meet the repayments currently?
Help for Landlords
% Yes
When it comes to those who
bought buy-to-let properties
there is considerably less
support: only one in three
people think they should be
entitled to some reduction in
their mortgage.
33% 37%
30% 30% 30% There is little gender
difference in opinions, but a
more marked age difference:
with nearly half of 15-24s
feeling there should be some
Total Home Non Mortgage No
Owner Owner Mortgage reduction, compared to less
than a quarter of 35-44s.
Source: Amárach Research, June 2011
Forgiving the Debt 6

7. Who Pays? Option 1
Q. Would you support the restructuring of debt through higher taxes?
Base: all who support a reduction in mortgage debt
Taxing Matter
% Yes
Not surprisingly, whilst most
people are in favour of some
Total 22% form of debt forgiveness for
those experiencing mortgage
Male 29% difficulties, there is little
Female 16%
support for higher taxes to
fund debt forgiveness.
15-24s 19%
However those home owners
25-34s 21% who do not have mortgages
35-44s 18% are somewhat more
supportive of higher taxes:
45-54s 24% 28% of them vs an average of
Over 55s 27%
just 22%.
Source: Amárach Research, June 2011
Forgiving the Debt 7

8. Who Pays? Option 2
Q. Would you support the restructuring of debt through a levy on outstanding
mortgages? Base: all who support a reduction in mortgage debt
Mortgage Levy
% Yes
Though there is somewhat
more support for this solution
Total 29% (than for higher taxes) the
level is still low.
Male 33%
Female 25%
Even those who don’t have a
mortgage do not especially
15-24s 32% support the idea of a levy,
though one in three of those
25-34s 34% who don’t own their home are
35-44s 33% supportive of the solution.
45-54s 20%
Over 55s 24%
Source: Amárach Research, June 2011
Forgiving the Debt 8

9. Who Pays? Option 3
Q. Would you support the restructuring of debt through a property tax?
Base: all who support a reduction in mortgage debt
Mortgage Levy
% Yes
This is a more popular
solution of all those
Total 36% considered, with little
difference in support by
Male 39% gender or by age.
Female 35%
Perhaps not surprisingly,
15-24s 35% those who do not own their
own home (i.e.: living in
25-34s 39% public or private rented
35-44s 40% accommodation) are the most
supportive (43%) of a
45-54s 26% property tax.
Over 55s 39%
Source: Amárach Research, June 2011
Forgiving the Debt 9

10. Forgiving the Debt
Clearly the majority of Irish people
recognise the financial and
emotional burden being carried by
those experiencing difficulties with
their mortgages.
There is a widespread feeling that
those in arrears or negative equity
(but not those who bought-to-let)
should be given some relief from
their debts.
However, there is less support for
the different means of funding
such measures: neither higher
taxes, a mortgage levy nor a
property tax had the support of the
majority of people.
The desired end is clear: the
means less so...

11. Forgiving the Debt
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12. Forgiving the Debt
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13. Forgiving the Debt
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