Pearse Doherty (Donegal South West, Sinn Fein) | Oireachtas source

Can the Tánaiste genuinely claim that after two years of the Labour Party being in government, it has provided any peace of mind or any breathing space for those in mortgage distress? That claim cannot be made despite having been in power for two years. The Tánaiste talked about the Personal Insolvency Bill but the banks retain a veto so they have the final say. The mortgage-to-rent scheme was piloted a year ago and rolled out eight months ago but only eight applications have been processed. Does the Labour Party claim to have dealt with this? There are 180,000 people in mortgage distress but the mortgage-to-rent scheme has only processed eight applications.

The banks are treating the public with contempt. Last October, Fiona Muldoon, the head of banking regulation at the Irish Central Bank, was scathing in her criticism of the bankers and their failure to address the issue. The Government has done nothing except to heap more charges on those in mortgage distress through the family home tax. What is the Government going to do for those 70,000 people on variable interest rate mortgages with AIB to give them some peace of mind or breathing space? Will it call in the banks and tell the CEO of AIB, which we own, that it is unacceptable to raise mortgage interest rates when we are in the middle of the greatest mortgage crisis the State has ever faced? Will the Government allow those people some peace of mind until the issue is resolved?

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