Rory O'Hanlon (Cavan-Monaghan, Fianna Fail)

I join my colleagues on this side of the House in commending Deputy Charles Flanagan on the time and effort he put into preparing this Bill particularly given the fact that one does not have all the resources one would wish when in Opposition.

Many businesses are facing problems in the context of the current world recession and individuals are finding it increasingly difficult to make mortgage repayments.

The Bill would require debt collectors to register with a new branch of the Financial Regulator. This represents a totally new departure in the regulation of debt collection and would result in increases to the regulator's workload, staff complement and budget. The new regulator would be obliged to investigate all complaints made to it. The Bill would also add to the workload of the Garda.

It has already been pointed that the Bill does not define "debtor" with the result that anybody intending to collect a debt would have to register. This would affect Eircom, Bord Gáis, professional people, small shops and anyone else who delivers goods and services because debt collection is normal to all businesses. The Bill could be costly even while failing to achieve its objectives.

Mortgages have become a major issue for many people. The recapitalisation programme announced in February includes a code which insists that lenders make every effort to find a reasonable solution to this problem. AIB and the Bank of Ireland have agreed that they will not attempt to seize main residences for a period of 12 months and sub-prime lenders will not do so for a period of six months.

I pay tribute to the Money Advice and Budgeting Service, which does not receive the recognition it deserves. For many years it has been a tremendous source of support to people who find themselves unable to meet their commitments. My county is particularly fortunate in having a very active MABS office with professional and dedicated staff who give tremendous support to those who find themselves in financial difficulties. I am aware that MABS advertises widely but we should make greater efforts to ensure its free, confidential and independent services are more widely known. It is important that people in financial difficulty seek support sooner rather than later. MABS works closely with credit institutions and utility companies. If more resources become available I would like to see an increase in MABS staff numbers rather then the establishment of a new body because the former's workload has increased considerably.

I again commend Deputy Charles Flanagan on his work in preparing this Bill. However, while it is a worthy subject for debate it is not suitable as it currently stands.

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