PERMANENT TSB:DAVID GUINANE, the chief executive of Permanent TSB, said his company was the largest provider of mortgages in Ireland with 193,000 customers.
It was very dependent on the Irish economy, and over 80 per cent of its annual earnings came from Ireland.
He said Permanent TSB was "hugely conscious" of the responsibilities it had when it offered mortgages to people, and it had been a responsible lender.
That was reflected in the level of mortgage arrears which at present was the lowest the company ever had. "That trend has continued to the half-year," he told the members of the committee.
He said the slowdown began in early 2007 when developers started to hold back developments and prices started to fall. Customers began to lose confidence in the industry, and that was compounded by the credit crunch.
He did not see a return to the 100 per cent mortgage "any time in the near future".
However, he anticipated that the credit crunch would pass and that better employment prospects would improve affordability for first-time buyers. "We are optimistic about the medium to long term, and we are very happy with the volume we are experiencing."
