Fergus O'Dowd (Louth, Fine Gael)

This is a very important amendment and I support it fully. In the past week I have had three people at my clinic who had mortgages with Start Mortgages. The problem is these people have lost their jobs and are now in serious debt. In the past few months these people have had to pay more and more compound interest on moneys not paid and so on. They are at the end of their life as they see it in terms of holding on to their homes.

If we are to bail out the banks, it is very important the Minister for Finance has a strategy for dealing with sub-prime lenders, who are part of the banking institutions that may be covered in the future following our work tonight. We must ensure there is a strategy in place to help people, whether through the money advice and budgeting service or whatever, in serious debt and who have no choices. The key point is once such people default on repayments, even for one month, they cannot move to any other mortgage lender. The vast majority of companies who give mortgages in this country are excellent and fair. However, some of the companies are not, and I do not wish to bail them out under this legislation. The Minister for Finance should not underwrite any of their losses or activities. Nor should the Minister underwrite any of the builders or developers who have ripped off the ordinary people of this country with the debt they have taken on in buying their homes. It is very important — the Minister, Deputy Brian Lenihan, can shake his head and I will shake my head at him and say, "No." This is not to bail out the Sean Dunnes, or to cover the Start Mortgages and others ripping off ordinary people left, right and centre throughout this country. This Bill is to bail out the banks and ensure the system works——

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