Robert Dowds (Dublin Mid West, Labour)

I welcome the opportunity to address this issue which is causing no end of hardship, stress, worry and anxiety to many thousands of our citizens. The problems we have are not only in the boardrooms of banks, but also in the living rooms of many of ordinary people. There has not been sufficient focus on this aspect of the crisis we are in.

It is a particularly difficult thing to lose one's job and there are no shortage of people in our country who can attest to this. However, to lose one's house and home is far more serious, more difficult and more disruptive to a family's life. In Ireland, for historical reasons, there is a particularly deep attachment to the home and this can be witnessed in economic statistics which consistently show that we have high rates of home ownership, higher than almost all other EU states. For similar historical reasons, the threat of eviction from one's home in Ireland is a deeply disturbing notion. If home repossessions become widespread in coming years, I shudder to think of the social consequences. However, I have no doubt that the Government will never allow such a scenario to come to pass.

I am delighted the Government parties are committed to helping those in difficulties with mortgages through increasing the relief available through the MIS scheme and widening the availability of crucial help provided by MABS. I particularly welcome the revised code of conduct for mortgage arrears which came into effect on 1 January this year on foot of the recommendations of the expert group. It is an important means of helping all residential mortgage holders.

I have become aware of several cases of hard pressed constituents who took out what are best described as "sub-prime" loans and who have been harassed by companies engaged in sharp business practice. For that reason, I welcome the provision that a mortgage arrears resolution process must be initiated by established lenders when dealing with customers in arrears and the obligation on lenders to set up an arrears support unit. These measures will no doubt save many of our citizens from anxiety and anguish which they would otherwise endure. The psychological effects must be borne in mind. They include stress, worry and the sleepless nights which many people are going through. We must do everything we can to alleviate the anguish. I appreciate the Government's efforts in that regard.

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