Micheál Martin (Cork South Central, Fianna Fail)

The interdepartmental mortgage arrears group report is being published this morning by the Minister for Finance. I understand the report recommends an independent mortgage advice service to guide mortgage holders and, in addition, it also suggests the early introduction of new non-judicial arrangements and describes this as vital.

Yesterday in the House the Taoiseach indicated he would welcome constructive proposals on the issue. In the interests of offering practical urgent assistance to people in mortgage arrears and debt, Deputy Michael McGrath is publishing a Bill today, the debt settlement and mortgage resolution office Bill 2011. The Bill is ready to go and is based on the Law Reform Commission report of last December but extends its recommendations to include mortgages as well. It is a constructive proposal and has the merit of giving immediate implementation to a number of the recommendations that may or may not be contained in the report.

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