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

Over the past two years, the Taoiseach has failed to do anything effective to help people in mortgage arrears. More than 180,000 mortgages are in arrears and the people involved are finding it extremely difficult to cope. Their experiences with the banks have been anything but pleasant. The Keane report, which was published over 18 months ago, made many recommendations, including the idea of split mortgages. We have learned that only about 50 such mortgages have been put into operation since the publication of that report. This is a damning indictment of the Taoiseach's lack of action on this front.

The Taoiseach still insists that the banks must have a veto over any resolution of mortgage arrears or household debt. He was going to enact legislation to facilitate banks in repossessing family homes. To add insult to injury, he insists that families in mortgage arrears pay a badly designed property tax. It escapes me how people who cannot pay their mortgages could pay a property tax. People find this incredible.

Senator Thomas Byrne and Deputy Michael McGrath published legislation in a constructive way in July 2011 which proposed the establishment of an independent debt settlement office. The Taoiseach did not take account of those recommendations. That legislation would have provided independent oversight of the resolution of household debt between banks and their customers. The Personal Insolvency Act is not yet operational. For over a month, I have been asking the Taoiseach to list the sections that have been enacted. At least 119 sections of the Act that is meant to deal with this issue remain unenacted or have not been commenced by the Government. The Cabinet sub-committee on this has only met twice since its establishment last July. All of this illustrates a lack of engagement and activity.

In respect of the plan the Taoiseach is announcing today, this is not about targets. It is about the quality of the restructuring that will take place between the banks and customers in respect of their mortgages. It must make a difference on the ground.

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