Pat Breen (Clare, Fine Gael)

Unfortunately the legacy of the malpractices in our banking systems will be borne for many generations to come. The two banking reports published earlier this year chronicle a series of monumental irregularity and political failures that resulted in the collapse of our banking system, which unfortunately has tainted our financial credibility not just in Europe, but throughout the world. Two years after the taxpayers signed a blank cheque for the bailout of our banks there is considerable anger that nobody has been brought to justice.

I recently read in one of the newspapers that the Financial Regulator had pointed out that 3.6% of all mortgage accounts are in arrears. We all meet people in our constituencies looking for help and they are the human victims of the Irish banking crisis. Young couples who purchased their houses at inflated prices, many of whom have now lost their jobs, are not in a position to meet their mortgage repayments. Statistics provided by the Courts Service reveal that the level of litigation for the recovery of civil debt rose dramatically in 2009. For example, the orders for repossessions in the Circuit Court increased by 35% in 2009 compared to 2008. While ordinary people struggle to pay their personal debts, is it any wonder that we are sickened when we turn on our radios or pick up the newspapers to discover more stories about reckless lending practices in our banks and how billions were loaned to developers and their friends with no questions asked, no collateral and no declarations of credit worthiness sought? It is grotesque and would not happen in a gombeen bank.

A constituent recently told me that even if he negotiated a new deal with the bank and lived for 30 years, he still would not have repaid his debts. There needs to be law and justice on both sides. People used to talk about paying an enormous price for the collapse of the banks and justice needs to be done. Other speakers talked about how soft we are on white-collar crime, which is not the case in the US. The people are angry and will not move on until justice is seen to be done.

While the malpractices in the banks were happening, there was little or no regulation because the political masters were turning a blind eye. I recently read that our former Taoiseach advised EU colleagues in Poland that they should keep a tight control on their financial institutions. It is a pity that he and his Minister for Finance did not do the same when they were in charge of the country. I support the motion and I appeal to the Minister to ensure that the Garda and law enforcement agencies have all the necessary resources to deal with any investigations and that those investigations are finalised as soon as possible.

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