Eamon Gilmore (Dún Laoghaire, Labour) | Oireachtas source

Since then we have gone on to implement what was in that document. We have brought forward legislation on personal insolvency to establish a personal insolvency service. The Minister of State at the Department of the Environment, Community and Local Government has introduced proposals on mortgage-to-rent and a range of measures to support those in mortgage distress.

We are not happy with the response of the banks. We have put in place personal insolvency legislation that establishes a personal insolvency service. That legislation sets out a framework by which banks are required to reach settlements with those with mortgage difficulties. The Governor of the Central Bank has already spoken about this and has indicated his unhappiness at the speed and urgency with which the banks are taking on the issue of mortgage distress. This is an issue the Government will continue to pursue and address. The difficulties faced by householders in paying their mortgages and the difficulties they have in their dealings with the banks must be addressed. We have put in place legislation that establishes the personal insolvency service, putting in place a range of supports for those in mortgage distress, and they will have to be implemented.

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