Enda Kenny (Mayo, Fine Gael)

I reject the Deputy's assertion that we are allowing the banks or the troika to dictate the agenda. As she is well aware, the Government and the relevant Ministers have made numerous changes to the memorandum of understanding with the troika in respect of the harder pressed, lower paid difficult situations in which many people find themselves. Of course we know the numbers but the regulator has asked the banks for a report by category and sector to see the ranges involved. The overall numbers are very distressing and, with numbers rising, this is a matter of absolute concern.

I do not expect the Cabinet sub-committee, which I formed because of my concern for this, will have all the answers but it has the clout to call in the agencies, the Ministers, the Departments and the banks to get constant updates on what is happening. I would like to see the report from the Financial Regulator, who knows what he is doing. He has put pressure on the banks - as has the Government - to categorise this so that we know the sectors and the nature of mortgage distress and people can sit down and say: "In your circumstances we propose the following options."

Nobody wants to see someone in this country lose a house but it seems clear that some are in dire straits. There are those for whom solutions can be found, be it through mortgage to rent, split mortgages, trading down or the negative equity opportunities offered in a number of new initiatives. I understand 1,000 homes were repossessed last year in Northern Ireland. I do not want to see that on any scale down here, although clearly some people realise the serious difficulties they face.

As soon as the regulator has the report from the banks we want to determine how it sets out the scale, nature and categories of distressed mortgages. The personal insolvency Bill is not delayed by virtue of Deputy McDonald's assertion that the banks or the troika run the agenda. A great deal of work has been done on the Bill and I expect that it will be published in June. I am sure the Deputy will contribute constructively on the Bill when it comes before the House. I would like to see it passing through the House before we rise for the summer but it may not be possible to do that. It is major and complex legislation which deals with something that has never been attempted previously, namely, a non-judicial route for borrowers to get out of their distressed situation. There is an opportunity for banks to assist in that regard.

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