Finian McGrath (Dublin North Central, Independent)

I thank the Ceann Comhairle for the opportunity of speaking to this important motion from the Independent Members. I also commend my colleague, Deputy Pringle, on bringing this before the House and having this urgent, two-day debate on supporting and assisting householders in the State.

Before I go into the details of the motion, I wish to state that it is a national disgrace what has happened to this country. Government, bankers, developers and the greedier sections of society ruined our great little country with their gross incompetence, greed and rampant mé féinism. The founders of the State and those who died for republican and democratic principles must be turning in their graves, especially just after the Easter break. These fat cats let the people down, let the economy down, let householders down and let themselves down. It is important in this debate that we all acknowledge that before we start to try to make an effort to clean up the mess. I say to the Government that when cleaning up the mess, householders and children with a disability should not be penalised by the greed and actions of others. That is a key point in the broader debate. There must be a bottom line and cutting special needs services should not be part of any resolution of this issue.

The Government has clear choices. The Independent Members have put forward choices and options for the citizens. It is a sad state of affairs for the country when only two Government members are in the Chamber listening to the debate. I hope the householders and the mortgage holders of the country are aware that this important issue facing the people is being ignored by the Government parties.

We need a country built on equality and justice. Ireland was once known as the land of saints and scholars but today it is better known as the land of scandals and tribunals. Politics and politicians, banking, the church, business, medicine, the law and the Garda have all suffered from erosion of public confidence in the wake of astonishing scandals. Moreover, Ireland has undergone rapid social, economic and political change over the past ten years which has had a profound impact on our value system. For example, the decline in authority and influence experienced by the church in recent years has forced many to seek other sources of ethical and moral guidance.

Ireland was a fairly prosperous country, yet this created dilemmas of its own. Difficult decisions about the distribution of resources raise awkward questions for society. How is the tension between the rights of the individual and the overall good of society to be resolved and to whom will we all look for guidance? The political classes, the Government, the church, and the medical or legal professions have all had their credibility seriously tainted by damaging scandals. That is where we are at in this country.

The motion states:

[T]he burden of bank recapitalisation severely limits the capacity of the Government to positively lead this country out of recession and back to economic normality;

— the burden of negative equity and mortgage arrears severely limits the capacity of the households of Ireland to live happy, secure and productive lives;

— the banks, regulators and previous Governments were negligent in allowing the "property bubble" to arise and failed in their fiduciary duties to their customers, especially to mortgagees of principal private residences - the families of Ireland - to whom they had a special duty of care; [...]

— real people are living in real houses and making real payments on these "negative equity" homes while their banks are exploiting the financial situation for their private benefit;

— the wider economy is in desperate need of fresh credit and renewed banking competition[.]

These are the core issues in the Independent Members' motion and we have put forward a number of ideas, some of which the House has heard. I ask the Minister for Finance, as the controlling shareholder in the covered banks, to adopt a policy of using whatever emergency measures are deemed necessary to reduce the unsustainable debt burden being placed on mortgagees of principal private residences in the State. I also ask that he ensure that the means used minimise the burden on the taxpayer and ensure households can contribute fully to our national recovery.

I urge the Government and all the Deputies to look at the Independent Members' motion, to see the reality and pay attention to the detail in order that we can all build up this country again to its proper place among the nations of the world. While it will be tough, I believe we can do it. I urge the Minister to listen to the different points put forward in the debate. I commend the motion to the House.

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