Mick Wallace (Wexford, Independent) | Oireachtas source

I will be brief. Mr. Brett spoke about the level of engagement by the banks with people. I am sure that like me other Deputies have been hearing from people from every county in Ireland that the banks are very difficult to work it and that they are inflexible and lacking in understanding and compassion. That the Irish banks would be ten thousand leagues under the sea but for the fact the taxpayer bailed them out is not lost on the people. People expected a social dividend of some sort but they did not get it.

Mr. Brett made the point that eviction is not the best outcome for the lender, which is true. It is also not the best outcome for the tenant or mortgage holder. From an economic point of view, I would be sceptical as to whether there is much merit in the banks evicting anybody. I do not believe that is a good idea financially. It has caused untold social hardship and has driven people into poverty. I do not think it was a good business decision by the Irish banks to go down this route, irrespective of the lack of activity from the State sector. I would welcome the delegates' views on those issues.

On the commercial side, currently a person wishing to build 20 houses on a vacant site in Dublin or in any other town in Ireland would find it very difficult - almost impossible - to get money for that development from an Irish bank. We all remember a time when the banks were contacting us asking us if we wanted money. Now, it is impossible to get money. The banks in Ireland have availed of incredibly cheap money from the European Central Bank, ECB, but they have invested it elsewhere rather than in Ireland. The ECB in providing that money did so on the basis that the banks wanted to help our economy recover, in particular in light of the people having bailed them out. It appears, however, that the banks have invested that money in places where there is less risk involved. The point I am trying to make is that the people I represent are sore about the fact fairness has not been applied in terms of the incredible write-downs given to IBRC and NAMA while they find it difficult to get any write-down.