Shane Ross (Dublin South, Independent)

One must consider where the weight of this Bill lies. I realise that the intention of all elements of the Government in respect of this Bill is to sort out a problem not of its making. Naturally, the instinct of every Member is to support a Bill of this sort because of the terrible situation in which many people find themselves, especially in respect of their mortgages. However, ultimately one must consider where the balance lies in the Bill, whether it is in favour of the lender or the borrower, or whether it represents a middle road. I contend that upon examination the weight and power of the Bill are installed on the side of the lender. One should not put a parasite in poll position when one has a problem of this sort to resolve.

The problem with the Bill is not the intent, it is not the solutions suggested, it is not the proposed insolvency body and it is not the intermediaries. It is the fact that ultimately the power lies in one place, the place where it has always been in Ireland. Even recently we have learned no lessons in this regard. The banks will hold the final say and they will hold a veto on people who are stuck with mortgages they cannot pay off.

This Bill was an ideal opportunity for the Government to break the power of the banks. The banks are as responsible as those who have borrowed for the situation in which we find ourselves and are as responsible for the necessity of this Bill. Why is it that, having started off with such great intentions, the final result from the Government is that the banks decide on the package for the person who has borrowed? There is an option, however.

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