There are calls for banks to extend mortgage breaks for customers as "we're not back into normal times".
Sinn Féin's Pearse Doherty says there are still tens of thousands of people who will not be able to resume paying back their loans.
The Tánaiste, Finance Minister and Public Expenditure Minister are meeting the CEOs of the country's main banks this afternoon to discuss the issue.
Loan repayment breaks were introduced in March in response to the pandemic, and extended for a further three months.
However, the six-month break is set to expire this week.
Speaking on Newstalk Breakfast, Deputy Doherty said Ireland is still in a 'unique scenario'.
He said: "We still have over 200,000 people who are out of work and are on the pandemic unemployment payment, with that payment being cut last week.
"We have another over 250,000 people whose employers are being supported through wage subsidy schemes, and many of those [people] have suppressed wages."
Deputy Doherty said over 80,000 people took the first three-month break, but less than half of those availed of the extension.
However, he pointed out that there are still around 37,000 people on a mortgage break.
He said: "What we're going to see is that some of those individuals... may be back at work and they will be able to pay.
"But many tens of thousands will not be able to pay, and that's why we need to use the flexibility of the European banking authorities and allow for an extension, as had been done in Spain, Italy, Portugal, Germany."
'Great emergency measure'
Brendan Burgess - founder of askaboutmoney.com - says the payment break was a "great emergency measure" that benefitted many people.
However, he suggested there's now a need to move to medium and long-term planning - and that means everyone should at least be paying the interest on their mortgage.
He observed: "Do we continue to extend this time and time again? Will we have the same discussion in six months time?
"I really think that most people are able to pay something on their mortgage, and they should be paying the interest.
"This is good for the borrower - people should be paying what they can pay."
Mr Burgess said there is a mortgage arrears resolution process for those who are struggling to pay, and that banks have restructured tens of thousands of mortgages over the past few years.
He also argued that many people find it difficult to get back into the habit of repaying their loan after a break, and that some people need the 'discipline' of repayments.
Deputy Doherty countered that it's 'quite insulting' to say people need the discipline of the bank to repay their loans - noting that many people have lost their jobs as a result of the pandemic.
