Micheál Martin (Cork South Central, Fianna Fail)

The Taoiseach's response is inadequate. We have long moved past the time for pilot schemes to address what is a huge problem for thousands of families. This is having a debilitating impact, not only on the lives of families but also on the wider economy.

The Taoiseach promised much to the negative equity generation, including legislation to cap the interest charge imposed by lenders benefitting from the interest supplement scheme of the European Central Bank. He promised to prevent banks from introducing penalty interest rates on mortgages and ensure banks would pass on reductions in interest rates. None of this has happened. The Taoiseach mentioned the lending scheme, of which I believe only one person has availed. That is not going to address the enormity of the problem. It is time for action which families desperately need. They are reducing expenditure on health, visits to general practitioners, food and heating in order to keep a roof over their heads and make ends meet. It is the biggest worry for thousands of families, particularly younger families who bought homes at the height of the market. They need help.

Fianna Fáil came forward with the idea of establishing a debt settlement office which would have teeth and force resolutions between banks and their customers. However, it was not accepted. There was a formal vote on Second Stage of the Bill which was then buried. The Keane report does not go far enough, but there is not even a sense of urgency about what he recommended. There is no sense of a plan or a strategic and formal response to its implementation. I urge the Taoiseach to fulfil the commitments he gave to the negative equity generation with concrete actions to help them through a very difficult situation.

See this speech in context