Michael McGrath (Cork South Central, Fianna Fail)

I am sure the Minister agrees with the comments of the Taoiseach and Tánaiste in recent weeks that there is a frustration, which they themselves share, about the lack of progress and the lack of urgency in dealing with the mortgage arrears crisis. The Government has held up this Bill as being the centrepiece of its response. The Government accepted, at Second Stage, a Fianna Fáil Bill in October last which would have set up a non-judicial debt settlement system. They are not proposing to set up their own one and one of the key elements of that is a personal insolvency arrangement which will deal with secured debt. There are thousands of mortgage holders out there who are asking the simple question of what potential benefits can such an arrangement in general terms bring for those who are experiencing genuine mortgage distress.

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