'Banks are squeezing life out of borrowers'
Conor McNally is a father-of-four who has a variable-rate mortgage with Permanent TSB.
He borrowed €150,000 with a 25-year term.
However, the 44-year-old started to struggle to meet the repayments in 2011.
Less than a year ago, he "came to an arrangement" with the bank, he told the Irish Independent.
"The arrears were capitalised. We were paying €900 per month, but it dropped to around €700.
"I always co-operated with them and constantly let them know what was going on.
"But they still saw fit to threaten us with repossession. Unfortunately, banks consider repossession as a solution - even when people are negotiating with them.
"I was gradually bringing the arrears down. But they weren't happy with my rate of progress. It just wasn't quick enough for them.
"The fact is they try to force your hand using the ultimate power they have which are the deeds to your property. But they're squeezing the life out people - and they'll do whatever they can to make you pay.
"However, I am not in arrears at the moment."
Mr McNally stressed the Government now has a clear obligation to put pressure on the banks to cut their variable-rate mortgages.