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

I thank the Taoiseach for his response, but I remain unconvinced of the impact of what the Taoiseach has said is happening. Up to now, the standard response has been the interest-only payment approach, comprising 99% of restructures to date. I put it to the Taoiseach that as the Minister of State, Deputy Brian Hayes, said last week, the banks have been given the money to write down, write off or restructure debts in accordance with the original capital assessments completed more than 18 months ago. That simply has not happened.

It seems to me that the standard orthodoxies in terms of the relationship between the Government and the banks have simply not worked for the person on the street, the family in mortgage arrears and the family in genuine distress and crisis. A different approach is required. It is alarming to hear the Governor of the Central Bank say that officials in that institution are "tearing their hair out" in frustration at their inability to get a sense of how the banks are dealing with this issue and engaging with families and customers. Given that they received €9 billion of taxpayers' money, it seems to me that it is time for the message to get through to the banks - in my view, the message must come from the shareholder, in respect of one of the major banks, and from the Government - that it is time for them to look after citizens in a reasonable and effective way. Many of those who are in significant distress are willing to co-operate and want to fulfil their debts.

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