Michael McGrath (Cork South Central, Fianna Fail)

I would like to reiterate the Government's record in respect of the Keane report. Only one mortgage-to-rent transaction has been completed, not one of the promised 100 independent mortgage advisers has been appointed, no split mortgage arrangements have been put in place for customers and the personal insolvency Bill has been delayed time and again. That is the Government's record in respect of mortgage arrears since taking office. The reality is there has been a 60% increase in the rate of mortgage arrears in that time. These are the facts and the response to date has been wholly inadequate.

On the question of credit availability, the head of the Credit Review Office, Mr. John Trethowan, put the Government on notice earlier this week that the banks were not fulfilling their responsibilities. When one strips away the language used, Mr. Trethowan is essentially saying there is a real risk they will not meet their lending targets in 2012, that they are risk averse and not supporting indigenous business owners who have new ideas for expanding their existing operations. In other words, the banks are not fit for purpose and not meeting the needs of the economy. I welcome the Tánaiste's indication that he will meet representatives of the banks at the Economic Management Council. When will that meeting take place? What will the Government ask them to do and how does it propose to hold them to account?

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