Terence Flanagan (Dublin North East, Fine Gael)

I fully support these amendments, particularly amendments Nos. 29, 32 and 78, the Fine Gael amendments that aim to get credit flowing again to businesses and to get the economy moving again. There is, however, an information deficit on this side of the House, particularly on the Minister's thinking on lending for businesses and the guidelines for the banks. We need to know what the reporting structures for the banks will be like and how often they will report to the Oireachtas so we can see clearly that normal lending is taking place again.

The Fine Gael amendments are much more specific than the Government amendments, although they are not fully prescriptive. They set out what the guidelines should cover, such as start-up businesses and credit lines to existing businesses. We should also know why cases are being declined by the banks and the criteria they are using to assess applications. It is critical that provisions are set in place to ensure the banks use this money to get businesses functioning properly. The last thing we want is for the money to be used for other purposes.

Amendment No. 79, tabled by the Labour Party, seeks a two-year moratorium on repossessions. The Minister's head is in the sand. The Master of the High Court stated that there would be an avalanche of repossessions in the coming years. It does not help that the sub-prime industry is not regulated. A total of 18 applications for repossessions were granted earlier this week. Repossessions are mainly in the sub-prime sector. The Minister is not doing enough to put proper regulations in place to deal with such firms. We are told that 35,000 will be in mortgage arrears next year and some homeowners are working their way through the lump sums they may have received in redundancy packages. That money is not infinite. Over time these people will fall into great difficulty.

The Bill offers significant help to banks, developers and others but there is nothing in it for homeowners. Deputy Bruton tabled an amendment which I am sorry to see was shot down. The Minister must do something to help those in difficulty. Where is the NAMA for those people? Where do they get help and support? I urge the Minister to look sympathetically on Fine Gael's scheme which targets homeowners in difficulty.

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