Pádraig Mac Lochlainn (Donegal North East, Sinn Fein)
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I do not think we will have a meeting of minds on this. We have a fundamental difficulty with the decision of the Government to proceed with the legislation. We are in agreement on the closing of loopholes, but when this loophole is closed, it facilitates repossessions by the banks in circumstances in which people are not protected and the balance of interest lies with the banks.

The Minister made a point earlier on the reason that interest rates on mortgages are lower because they are secured debts and that is a reasonable principle of lending and financial transactions. As it is a secured loan, interest rates will be lower and it will be easier for people to purchase their own homes. We are after coming through an extraordinary mess that is ongoing, in which people have significant personal debt due to the recklessness of financial institutions, facilitated by the regulator and the Department of Finance. There are many families in financial distress and are renting accommodation. They need their rights protected. The difficulty is that the Minister's refusal to accept our amendments can only be in the interests of the banks which have contributed and played a significant role in the crisis we face. I intend to press my amendments.