Well if you can’t repo a PPR then banks aren’t going to secure business loans with them in future, which means less credit for small businesses. That’s just going to concentrate wealth further.
Debt enables social mobility. It’s a force for social good. But you can’t have debt without security, and security is worthless if you can’t repo.
If I was running an Irish bank I’d be tempted to shut down rural lending and focus on the cities where this bullshit is less likely.