James Bannon (Longford-Westmeath, Fine Gael)

This is factual despite what Deputy Byrne and the Minister of State, Deputy Mansergh had to say yesterday in this House. I want to know if the Minister has plans to introduce a NAMA-style rescue plan for the countless hard-working taxpayers whose money the Government squandered? Implementation of the Fine Gael homeowners support scheme would allow NAMA to take an equity share in a property following negotiations with the relevant financial institution in relation to the outstanding debt. The scheme would give the homeowner the option to buy back the NAMA equity share and if the property is subsequently sold, NAMA would gain its share of the sale price.

There is no point offering peace-meal assistance to those in danger of repossession. Legislation on the lines of the Fine Gael NAMA support scheme needs to be introduced to rescue the victims of the Celtic tiger cronyism. Unless such rescue packages are enshrined in law, help will continue to be inconsistent and those most in need will continue to fall through the net. This is not acceptable with up to 35,000 families currently in mortgage arrears.

According to yesterday's The Irish Times, 18 of 76 repossession orders were granted in the High Court on Monday, 2 November 2009, the highest number in a single day this year. What makes these cases particularly extraordinary is the fact that 11 of the properties were already vacant as homeowners had simply walked away. The despair of owners, unable to cope, was highlighted by one case involving a property that was abandoned and the hall door left open.

Another matter relevant to this debate that needs to be urgently addressed in the current economic climate is the imprisonment of impoverished people for debt. Many are in negative equity and in difficulties caused by life-style-related borrowings and excessive use of credit cards, but imprisoning them is not the answer. Over-indebtedness has become a massive problem due to job losses, irresponsible lending and financial over-commitment.

This morning, I spoke to a separated woman with four children who lives in my constituency. She fell on hard times and had her home repossessed by the bank who sold it for less than €100,000 and is now demanding a further €175,000 from her, with the threat of imprisonment hanging over her, which is scandalous. What way is this to treat vulnerable people? How low can this Government go? Is there no end to the harassment of the weakest to support the strongest?

Complete reform of action against debtors, in line with the Law Reform Commission's recommendations, is urgently needed. This has been promised in the renewed programme for Government. It is hoped the Minister can assure us this will be done. The proposal to establish a central debt enforcement office to remove as many debt enforcement proceedings as possible from the courts is welcome.

As is the norm, the Government has its head in the sand when it comes to the protection of the lower and middle income earners. We heard the Minister of State, Deputy Mansergh, deny that there was an escalation in repossessions and of course he made no mention of the likely increase in such repossessions when NAMA is passed. The Minister of State also admitted that comprehensive statistics on mortgage repossessions have not been kept, which seems at the very least-----

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