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

I move amendment No. 163:

In page 98, lines 24 and 25, to delete “65 per cent” and substitute “30 per cent”.

There may be a difference in emphasis in the amendments from myself and Deputy Niall Collins but the intent is the same - that is, to prevent banks having a veto over this process. The objective of the Bill is to work through that section of our people who are in mortgage distress or other debt as a result of this crisis. In addition, the legislation tries to find a compassionate balance between their responsibilities, as well as understanding the unique circumstances and environment that led to where they find themselves today. We do not want to give banks the ability to stonewall. We want this legislation to benefit as many families in distress as possible. That is what this series of amendments try to do.

I would particularly urge the Minister to consider the amendment before us. We want to send a message out to creditors that they do not have a veto, or the capacity not to engage constructively in this process. We want to give people hope, so we do not wish to have an imbalance at the start of the process as people in distress engage with this and try to work their way through it. The difficulty in terms of the numbers the Minister has put in place is that they do give a veto, which is not right.

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