Dáil debates

Thursday, 12 November 2009

National Asset Management Agency Bill 2009: From the Seanad

 

3:00 pm

Photo of Paul GogartyPaul Gogarty (Dublin Mid West, Green Party)

It is not small fry for an individual earning the average industrial wage; it is an important issue. However, I do not believe the matter can be dealt with through this legislation. The programme for Government has committed to put in place firm and concrete measure to help mortgage holders who fall into negative equity.

I note Deputy Durkan is in the Chamber and I pay testament to his work in the matter of sub-prime lenders and his work to represent constituents and others who have fallen on hard times in this regard. However, I urge the Minister to consider the Finance Bill or other legislation for the guidelines he intends to issue. It may be more practicable to do that and these measures could be put in place very quickly.

To issue guidelines through the NAMA legislation or anywhere else will not make the banks change one iota. In this respect I agree with Deputy O'Donnell and he has made a valid and important point. If they can get away with it the banks will not be inclined to change. That is a fact. Why would institutions that have carried on in the same profligate way for years seek to change their systems? They got along very well and paid vast bonuses to the chairmen and directors when they were making losses. They would very much like to continue in that regard. I realise there will be a complete turnover of all the heads of all the banks covered by NAMA by the end of 2010.

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