Aideen Hayden (Labour) | Oireachtas source

I ask the Leader to invite the Minister for Finance to attend the House as a matter of urgency to discuss the report published yesterday afternoon by the Oireachtas Joint Committee on Finance, Public Expenditure and Reform on the mortgage arrears crisis and the measures that are contained in the report to resolve it. The report contains some 47 recommendations aimed at levelling the playing field between distressed borrowers and lending institutions. In particular, I note that the report recognises that banks are acting as judge and jury in determining what options distressed borrowers will be offered, with one bank, in particular, offering significantly more limited options. The report also recognises that the Central Bank must intervene and issue a definition of the term "sustainable solution". Many of us raised this issue previously in this House, that there is far too much differentiation between the lending institutions as to what constitutes a sustainable solution.

I am pleased to note that the report highlights the position of joint borrowers. It is one issue that is causing significant difficulties where there is a breakdown in a relationship, with one borrower co-operating and the other borrower not, leaving borrowers in a limbo where they are getting one solution from the courts, yet are put in a situation where they are getting no solution on their mortgage debt. As I stated, there are 47 recommendations in this very important report. If those recommendations were to be implemented by the Minister, Deputy Noonan, whom I am assuming will not be part of the impending Cabinet re-shuffle, it would go a significant way in helping distressed borrowers in this country to achieve an equitable outcome in their situations.