Mr. Gary Tobin:

I thank Senator O'Donnell. This is an emotive issue. It is distressing for anyone to be affected by the issue of mortgage arrears. The Department, and everybody here, has tremendous sympathy for people faced with mortgage arrears and in this particular situation. We are here today, however, to address the question of whether this Bill actually helps people in those situations. I have no doubt that the Bill is well intended and I accept fully the bona fides of Deputy Pearse Doherty regarding trying to help mortgage holders in difficulty. Our role today, though, is to give our honest advice concerning our view of this Bill. Senator O'Donnell asked what we think are the specific implications for mortgage holders.