Joan Burton (Dublin West, Labour) | Oireachtas source

They could come in and tell us exactly what they knew and when they knew it, but let us move on to the code of conduct on mortgage arrears. It is important to remember first the steps the Government has taken since coming to office to address the situation. It started off in a situation in which we had an extended period of forbearance, and that has been extremely important in keeping roofs over the heads of families. Second, the banks were initially in a set-up in which they were going to kick the can down the road indefinitely. This is not possible if we are to sort out the finances of the country and get the country back to work and to some level of economic prosperity. The actions by the Government, including the code on mortgage arrears, have been to continue to protect families while setting up mechanisms and measures that allow for sustainable debt resolution for the very families about whom the Deputy speaks. I and every other Deputy in the House understand that they are suffering and are in great difficulty.

The targets that have been set with regard to the principal banks and the covered institutions are to provide sustainable mortgage solutions for 30% of distressed borrowers by the end of September and for 50% of distressed borrowers by the end of 2013.

The targets will become progressively more demanding such that the vast majority of distressed borrowers will have been offered solutions by the end of 2014. The Dáil and the Seanad spent a considerable amount of time examining legislation on the Insolvency Service of Ireland in order to provide options for certain borrowers who had debts that were not sustainable in the long term. The Deputy referred to Mr. David Hall who stated on "Morning Ireland" that there was no immediate risk to borrowers. This is a process which must be pursued in the interests of recovery for the country and the families concerned to the point where debts will be sustainable. I thought that was the policy of Deputy Billy Kelleher's party.

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