Gerald Nash (Louth, Labour)

Upon publication six days ago I was prepared to give the Keane report and its measures a broad welcome. One week on and following a significant amount of media comment in recent days my position has not changed. The report could have benefited greatly from formal input at review group membership level from housing agencies, academics and people who have proven to be innovators in the area of housing and debt resolution. That is not to say the report fails in its mission. The overall aim is to ensure no one loses the roof over their head and, in that respect, the suite of options contained in the report can and will achieve that purpose. Apart from joblessness, no other single concern ranks higher in the minds of those who were forced to buy homes at inflated prices during the so-called boom years than the fear of losing one's home. Culturally and for all sorts of historical reasons people in Ireland are wedded to home ownership and the legitimate and valid expectation and ambition of owning their own home. Further, the historical experience of the loss of property is deeply ingrained in the Irish psyche. As legislators, while we may differ in terms of our nuanced position on this issue, our motivation and action should be directed towards reasonably and fairly recognising this challenge and historical issue for Irish society.

The issues are complex and demand a multifaceted approach. The mortgage arrears report provides such an approach, even if it does not, in many respects, provide a complete road map to fully meet the challenge. Any comprehensive approach to the issue of mortgage arrears must also address Ireland's Dickensian, anachronistic and punitive bankruptcy and debt resolution regimen. To address the crisis and return confidence to citizens two steps must be taken. First, legislation to protect the interests of distressed mortgage holders must be fast-tracked and prioritised. In parallel with this initiative, radical personal debt resolution legislation must be implemented to address the wider problems of indebtedness across society and ensure the banks which got us into the current mess do not continue to hold all the cards. If advanced properly, the introduction of such measures could be a decisive game changer for home owners. They would also provide the first genuine, sincere and comprehensive approach to the crisis, three years after the banking collapse.

I look forward to the publication and enactment of legislation to give effect to the measures proposed in the report and the critical debt resolution measures required to reinforce them. These measures must be presented to the House as soon as is humanly possible to ensure the misery being endured by tens of thousands of people and their lack of confidence in the system are addressed and we free up much needed resources to be spent in the economy so that jobs will be secured and economic growth achieved.

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