Stephen Donnelly (Wicklow, Independent) | Oireachtas source

I thank the Minister for his response, but I have two caveats. First, I understand his point regarding positive equity. However, if we are thinking in terms of net benefit to the taxpayer, we must consider a situation where it is of marginal benefit to the bank to take the house, the debtors walk away with the full mortgage repaid and the State ends up having to house them. The effect on the State in such instances will be seriously negative. I look forward to a mechanism in future legislation whereby a judge can point out that a particular course of action might end up costing the State €20,000 or €30,000 per year, for example.

Second, we all know from dealing with constituents that the emotional attachment to one's home is a very powerful bargaining chip for the banks, which will claim there is nothing the court can do. I look forward to working with the Minister and his officials on these issues in the context of the forthcoming legislation.

See this speech in context