Enda Kenny (Mayo, Fine Gael)

This country has never been in the position in which it now finds itself. Of the many storms approaching the country, the one that is sure to hit is the issue of mortgage arrears and distressed mortgage holders. At the end of June, the figure for serious arrears was approximately 37,000. One year ago, the Fine Gael Party warned of this impending storm and yesterday the economist, Morgan Kelly, estimated that up to 100,000 mortgage holders could be in serious difficulties in the near future. The Financial Regulator, Matthew Elderfield, made the same point today about mortgage holders in distress.

The Taoiseach will recall that when the NAMA legislation was going through the House, my party proposed an amendment that would have facilitated temporary relief among distressed mortgage holders. Of the many problems facing the Government and the country, this one is staring a significant number of people in the face, whether single, married or with families. As we speak, many of them are realising they will not be able to meet their mortgage payments inside a short period. One year after NAMA bailed out banks because of their reckless lending practices and we became aware this storm would hit us, I ask the Taoiseach what preparations are being put in place by the Government to deal with this economic storm, which will have serious consequences for a great number of people.

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