Pádraig Mac Lochlainn (Donegal North East, Sinn Fein) | Oireachtas source

That was a long and spirited defence of the position but if people analyse the debate yesterday and today, they will see discussions of the value of engagement rings and wedding rings and being able to retain cars to the value of €1,200, even though that is a farcical idea in vast areas of this State. The public's view is that this legislation is a compassionate response to a swathe of people who purchased homes and took on debt in good faith. They listened to politicians and economists, so called experts, and took that plunge. The banks, as we all know, had the moral hazard, from the bank manager to the boards of directors. We agree that this Bill would allow for a compassionate response that would enable people in those circumstances to get themselves out of this situation. Today we were told we must be tough and think about the creditors, we must keep the car value down and the engagement ring must come from a lucky bag. All of a sudden, however, we must be more compassionate for those who were investing and who took on board much more than the vast majority of people did to put a roof over their heads.

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