Banks need to write off the debt from distressed mortgages, according to the Chair of the Oireachtas Finance Committee.
John McGuinness says their advice is cash write-offs for non-performing loans.
Yesterday, Ulster Bank told the committee around 3,500 people were wrongfully moved off tracker mortgage rates by the bank, with 15 losing their home as a result.
Mr McGuinness says there needs to be a more compassionate approach from the banks when it comes to mortgages in distress.
He said: "They need to write off the debt. The message from the European Union was that they were recommending cash write-offs for people that are in distressed loans and non-performing loans.
"The same methodology needs to be applied here."