Barry Cowen (Offaly, Fianna Fail) | Oireachtas source

I thank the Commission for its comments. I will try not to get into great detail because many of those whom we represent who may be following proceedings to try to take something from this process will get lost in highfaluting language.

The bottom line is we are meeting the demands the European Union has placed on us through the fiscal rules. The Commission acknowledges the Irish economy is growing fast but we must be careful about external factors. However, Mr. Martínez Mongay stated he cannot comment on the great damage that could be done to our economy by Brexit. The Commission represents the EU member states which represent us in the Brexit negotiations. The Commission has a duty to ensure the effect of Brexit on Ireland is minimised. If everything goes south, we have a development plan for the next ten years that is not Brexit-proofed and against which both the ESRI and the Department of Finance have warned. The Copenhagen Economics investigation discussed the significant effect Brexit will have on a wide range of sectors. It is unfortunate, to say the least, that Mr. Martínez Mongay cannot give us any comfort on that issue. We are speaking in a vacuum when we do not address the issue of Brexit directly.

Mr. Martínez Mongay states we have record employment but there is a skills shortage and a particular issue with childcare costs. He states our public finances are under control but, because of years of underinvestment, we have major issues in housing. If nothing else, Mr. Martínez Mongay has confirmed for me and my party that this year's budget must be focused on health and housing. I failed to mention Mr. Martínez Mongay's point that we were not getting value for the investment made in health. That is an understatement in capital letters, so to speak.

I have a question on Mr. Martínez Mongay's comments on the mortgage arrears issue. He stated the Commission recommends "promoting a faster and durable reduction of long-term mortgage arrears". This goes back to the Central Bank which is, I am sure, dancing to the Commission's tune. The Commission argues that certain banks in this jurisdiction should sell their loans that are in mortgage arrears. In response, I put it to Mr. Martínez Mongay that the Dáil and the Minister with responsibility in this area want relevant and appropriate protections in place for consumers who are, in this instance, homeowners. We cannot stand idly by on this issue and we will not take direction without safeguards and legislation being put in place. I am surprised and disappointed that Mr. Martínez Mongay has not qualified his comments on this matter with such an essential proviso. This recommendation will not be implemented unless legislation is put in place.