The Dublin Fine Gael MEP Brian Hayes is calling on the European Central Bank (ECB) to use its programme, Asset Backed Securities to buy Irish tracker mortgages.

It is hoped the move would improve the balance sheets of Irish banks.

There are about 375,000 tracker mortgages in Ireland - the largest proportion of mortgages in the country.

And all of them are loss making - as the interest rates are just 0.25%.

This is because the amount of interest paid by the borrowers is low, while it costs more to service the mortgages.

Founder and managing partner with 'Checkrisk' is Nick Bullman.

He told Newstalk Breakfast that if the ECB were to agree to this proposal, it would not affect Irish mortgage holders.