Micheál Martin (Cork South Central, Fianna Fail) | Oireachtas source

I listened to the Taoiseach's language. He stated that the Government is actively aware of the issue, is interacting with various bodies and is reminding the banks of their duties, but the Government is doing nothing in any meaningful way to alleviate the disproportionate and unfair burden on standard variable rate mortgage holders. That is the bottom line, despite what the Taoiseach has said.

Last November, when the banks did not pass on the ECB interest rate reduction, he hauled them in with a great show of rapping their knuckles and demanding action. It was a "talk tough, do nothing" approach, but he is not even talking tough anymore. People are feeling alienated and let down because he made specific commitments to intervene effectively on behalf of mortgage holders. He has not intervened in any shape or form, however, and we are long beyond that point. I am not the only person who is saying this. The Central Bank and the IMF have been highly critical of the lack of progress and the slowness of banks and the Government to address the issue of mortgage arrears. Nearly 70,000 mortgages have been in arrears for longer than 180 days. Approximately 460,000 people are members of families experiencing the mortgage arrears crisis. The Personal Insolvency Bill will not be fully implemented until early 2013. It is dragging on. The Government is standing back from the problem and it is letting mortgage holders down. In the process, not only they but also the economy are being screwed.

See this speech in context