Éamon Ó Cuív (Galway West, Fianna Fail)

We welcome the Bill. An issue the Tánaiste spoke about before coming into Government was interacting with the House and taking on board good suggestions no matter where they came from. The Bill proposes that the banks, in respect of the biggest loan that most people have, that is, the secured loan that is the mortgage on their house, are not forced to get involved in debt resolution, and that it is an option for them. As we are aware from the past, when the banks have options, they do not always take those options in the interests of the customer. It should be mandatory on the banks, as it is for the unsecured creditors, to get involved. That is the fundamental change needed to make the Bill effective. If not, it will not work.

The Minister for Finance, Deputy Michael Noonan, said yesterday that he was hoping for the co-operation of the banks. The Tánaiste was critical of the lack of co-operation from the banks throughout the fiscal crisis and the fact that they would not tell us how badly they were scorched.

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