Pádraig Mac Lochlainn (Donegal North East, Sinn Fein) | Oireachtas source

Those of us who heard the Governor of the Central Bank, Professor Patrick Honohan, state he was tearing out his hair began to tear out our own hair as we pondered what might come next. While the Minister's plan sets targets for restructuring mortgage debt, it does not define what is a fair restructuring process. The question refers to County Donegal and Deputy Heydon referred to cases in his constituency. Every Deputy could relate similar stories about people in mortgage arrears. Will the Minister establish an independent body with the ability to compel banks to act? As Sinn Féin's spokesperson on justice, I worked through the Personal Insolvency Act, which gives the banks a veto over the personal insolvency process. If we leave it to the banks to sort out the problem of mortgage arrears, they will hit the Minister's targets but the question is whether they will they do so in a fair manner or whether Deputies will continue to take telephone calls from constituents such as those who contacted Deputy Heydon. Will the Minister establish an independent body?

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