Dáil debates

Tuesday, 12 March 2013

4:10 pm

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

The Minister of State, Deputy Brian Hayes, put the tin hat on it when he said that we cannot have necessary recovery without the stick of dealing with people who are in houses they can no longer afford. The Government is facilitating the banks all the way; €1 billion was given back to them last week. Under the Personal Insolvency Act, the banks retain a veto over restructuring deals with clients and customers. Last week I met a young couple in Ashbourne who were working and wanted to engage with the bank.

All the bank did was raise the bar, preventing any discussion. I encountered another young woman, looking after her mother, who is also in arrears but who wants to deal with her lender. Again, the bar was raised by the bank. The banks are not engaging with people. Instead, they are intimidating young couples. I have one case of a young couple who were told when their interest-only period ends, they had better be thinking about selling on their house. That is what is happening on the ground in reality.

Does Mr. Moran enjoy the full confidence of the entire Government? Will the Taoiseach explain to the House why he is insisting the banks retain a veto over all restructuring deals with their clients? I would argue strongly that it needs independent oversight.

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