Mr. Gary Tobin:

Obviously, the Oireachtas is entitled to pass laws that are unconstitutional if it so wishes. We are simply giving the Deputy our advice as to our view of its constitutionality or otherwise.

I do not accept the Deputy's view that we are batting for the banks. We are trying to take a holistic view of the potential implications of this legislation. We are very mindful of the potential implications for people who are in mortgage arrears. We are concerned that there could be increased repossession if banks cannot sell their mortgages. That is one category. We are also very mindful of people who have existing mortgages, particularly those on standard variable rates who may end up having to pay more by way of higher interest rates because the banks find it more difficult to raise funding. We are also very mindful of people who wish to take out a mortgage to buy their first home in the future. As a result of this legislation, the number of lenders in the market may be reduced or there may be higher interest rates.

I fully accept and understand why the Deputy's focus is on those who are in mortgage arrears. However, while we must think of those people, given the potential radical nature of this Bill, we must also think of everyone else who has a mortgage and the implications for them. We must also think about all of those young people who do not yet have mortgages but who would like to have one and what implications this legislation may have for them.