Mattie McGrath (Tipperary South, Independent) | Oireachtas source

I rise on my feet in the knowledge that thousands of families and homeowners, many of whom are in extreme negative equity and perilous situations, are grappling with intolerable levels of personal debt, especially those with home mortgages. I watched the gleeful acceptance and acclamation of the Government and its backbenchers of a wonderful deal last week - certainly I did not think it wonderful or support it - from our so-called friends in the ECB and of the way they treated us. People have been left confused and further dismayed. This body of people, hard-pressed taxpayers, were waiting in anxious anticipation for the publication of the Finance (Local Property Tax) (Amendment) Bill 2013 published yesterday and for some sort of relief from the Government. Alas, they were to be bitterly disappointed once again. It was not a nice St. Valentine's Day present for these families and there was no such deal for them nor any relief for hard-pressed taxpayers. There is no extension of time for these people to pay back their loans but the Government has done it for the unsecured bondholders. There is no such thing as social equity for these families.

This property tax is clearly a tax on debt. What about the families who paid vast stamp duty at the time of the purchase of their dream homes? While it was called stamp duty everyone knew and believed that it was treated by Governments and understood by the population in general as a property tax. It was accepted that it was front loaded. Most people who had to pay it had to borrow to do so. They will be paying it for the next 20 or 25 years or until 2038, in other words, the same period the Minister has said we will be paying the bondholders money, although he maintains we got a good deal.

As far as I am concerned the Bill is simply unbelievable. I welcome the legal waivers for those who suffer from disabilities or with homes damaged by pyrite and the social aspects of the Bill. However, will the Government reconsider extending the paltry number of exemptions in these categories and will it accept amendments? The Minister has stated that it will be discussed in detail. Will the Government accept an important amendment, which I believe is vital, to give these people much-needed relief?

The Minister is dealing with pensions under the Croke Park agreement. Pensioners, in particular those with small and diminishing incomes, are left desperate in this situation. They have been told they can get a deferral but at a cost of 4%, which is more than what the Minister said the deal last week would cost. That is not especially fair. It is worse for many who are paying mortgages to such institutions as the EBS, which refuses to pass on any paltry decrease in rates to its customers. Will the Minister call in Mr. Honohan and the Financial Regulator and ask them to insist that these institutions pass on whatever relief we get from Europe, the European Central Bank and general lenders? I call on the Government to accept amendments.

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