Willie Penrose (Longford-Westmeath, Labour)

This is a gaping wound that will continue to widen. I do not trust the banks. As soon as the Bill is signed into law, there will be a deluge of applications for repossessions. They are all holding their powder; they are very cute. Also, they will have statutory backing to do this. The Land and Conveyancing Law Reform Act 2009 comes into force on 1 December 2009. Under this legislation, proceedings in respect of mortgage repossessions will be dealt with in the Circuit Court rather than the High Court. This will lead to speedy transactions and less costs. While this may be good from the mortgagees point of view, it also gives less time for the borrower to find his or her feet. One could have one's case processed before one knows what is happening.

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