Jim O'Callaghan (Dublin Bay South, Fianna Fail) | Oireachtas source

I thank Deputy Michael McGrath and acknowledge the considerable work he has put into this legislation on which I know he has been working for a long time. As I said to the Chairman beforehand, following pre-legislative scrutiny, the Bill will proceed to Committee Stage. Before Deputy Michael McGrath and committee members start to do a huge amount of work on amendments, we need certainty as to whether there will be a money message. Having done a huge amount of work on the Bill, we do not want to find ourselves in a situation where on Committee Stage in the hearing of amendments we will be told that there is no money message.

Deputy Michael McGrath has identified something that has been a major social problem for the past ten years. What will happen if we do not do anything to intervene? What will happen to the 70,000 homeowners in mortgage distress if we just maintain the status quo? What will happen if we do not do anything through statutory intervention? I would like to hear the Deputy's views on these issues.