Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

That option can play a role, but we have been hearing for a long time about reforming mortgage-to-rent and having it introduced on a grand scale. David Hall's organisation has done good work on the issue and has made a lot of progress but many people will end up in the formal insolvency process. During the debate in 2012 when the insolvency legislation was being introduced initially, there was a debate about the bank veto and the constitutional issue was raised. We were all told categorically at the time that the advice was it would be unconstitutional not to give the banks a veto. In 2015, there was a change and an appeal mechanism was introduced where, in certain limited circumstances, a court could ultimately intervene, impose a solution and cut through the veto as such. That is all fine, but that system is not working.

What we have proposed is proportionate and measured and it has the public interest at its heart. It provides that the independent office can have the final say where the family home is involved. It is subject to a number of safeguards and there is also an appeals mechanism within the legislation. We drew on external legal support in drawing up the Bill and the view conveyed to us was that, given the safeguards in place, the appeals mechanism and the criteria for going down this road, which are quite limited and narrow, it stands a very good chance of passing the constitutional test. For me, that is sufficient to bring forward the Bill. If the Attorney General has advice on the matter, let us see it in order that we can, if necessary, amend the Bill, put additional safeguards in place and protect the Bill from constitutional challenge, which I think can be done.