Michael Noonan (Limerick East, Fine Gael)

I support the Deputies who have spoken already, particularly Deputy Olwyn Enright. It is very difficult to formulate policy at present. I sympathise with the Government in respect of the difficulty it will face in targeting limited resources at areas of greatest need.

The issue of house repossession will rise up the agenda very rapidly. In this regard, it is difficult to balance the evidence and make decisions because much of the evidence is anecdotal. I was talking to a constituent last night and asked her how her family was doing. She said that they were grand and that her two girls and their husbands were working, all in the same plant. The same plant is at risk at present. The four family members in question, who are decent people, have their own houses and big mortgages and they could all go down together in the next 12 months. Public representatives are familiar with constituents' incomes and are noting them all the time when they come to us for assistance. We note that many young couples would not last a month if they lost their jobs because their mortgage repayments are so high.

Let me recount more anecdotal evidence. I met somebody last week who told me the lending institutions were holding off on foreclosure until after Christmas. She was in a business in which she should know this. I was informed that the lending institutions have a list of very difficult cases on their books but are not making any approaches to the courts until after Christmas. However, as soon as the Christmas period is over, they will start filing. A significant number of people will be at risk of losing their homes once January comes.

The Queen's speech took place today in the House of Commons. The British Prime Minister was explaining it afterwards and stated he will be introducing new measures to protect people at risk of losing their homes. The headline announcement seemed to refer to a deferral of foreclosure proceedings in all circumstances for six months to allow mortgage holders negotiate with their lending institutions, in the manner advised by Deputy Morgan. However, a second proposal, which sounded reasonable to me, was also made. It was suggested that, where people are at risk, the British Government will be prepared to underpin mortgage repayments for a two-year period. I do not know the mechanism because the detail was not explained.

When the Minister has a little more time over the Christmas recess and is not under the pressure she is under now as a member of the Government, in respect of which I sympathise with her, she might consider a proposal along the lines of those made in the United Kingdom with a view to prioritising the cases of the young, skilled people who have very large mortgages and who are at risk of losing their jobs and homes.

The phenomenon we are witnessing will be temporary if circumstances improve. If mortgage holders' mortgages could be underpinned for a year and a half or two years, they might work their way through the problem. They might be able to organise longer-term mortgages subsequently to indemnify the State against any loss incurred. We do not want the courts full of repossession orders in the first three months of the year, with the problem getting worse as the year progresses. Losing one's job is bad but if the immediate consequence of this is losing one's home, it is a crisis. Measures are necessary to address this.

I welcome the amendment. My proposals are not fully covered by it but it is important and will be very helpful also.

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