Finian McGrath (Dublin North Central, Independent) | Oireachtas source

A Chathaoirligh, thank you for giving me the opportunity to speak on this important debate on the mortgage arrears crisis. A total of 142,118 family home mortgages in arrears as of 31 March 2013. This is a further reaction to the current recession, but also to the current economic policy of this Government, which seems to be words, spin and a lack of action. This is occurring on top of the scandal of the Anglo Irish Bank tapes and the manner in which our banking system is still working in this country. In the last election, the people voted for change and reform. A big part of the change was reform of our banking system and support for the mortgage holders. Our people are in pain, yet the banks want to kick them again and again. This is not acceptable. It is not good enough. Our so-called public interest directors should fight and stand up for these people and the SMEs. If they do not do so, they should get off the pitch and go home. The arrogance of our banking system should never be allowed to raise its ugly head again.

Our people want action. Our people want justice. Our people want the truth, and above all, our people want solutions based on top-quality regulation and good governance. These are the demands of our people and nothing below that is acceptable.

I have concerns about the fact that the number of family home mortgages in arrears of greater than 12 months has increased significantly, and now stands at 54,000 people. There have been comments from senior officials in the Department of Finance and the Central Bank predicting a significant increase in the level of home repossessions, and the banks hold an effective veto on any proposed arrangement involving mortgages under the new personal insolvency service. Under the mortgage arrears resolution targets, the banks are not yet required to achieve any target for reaching agreements with borrowers.

I strongly support this motion, which is about protecting interests of people who are under pressure from the banks. It is about protecting homes and families, but it is also about ensuring that we have proper regulation and good governance in the banking system. I urge everybody in the House to support this motion.

See this speech in context