Finian McGrath (Dublin North Central, Independent) | Oireachtas source

I am pleased to have an opportunity to contribute to this important debate on the huge mortgage arrears crisis that exists for many families. There should be no mistake about the fact that many people are suffering and need solutions. They are sick to the teeth of listening to all the talk in the Dáil in recent months. A number of options are set out in the motion before the House. Regardless of our politics, we should all support any scheme or plan that offers a sensible solution to the current mortgage crisis. This is particularly important at a time when over 95,000 residential mortgages are in arrears of more then 90 days. We have all noted the slow progress that has been made to date by the banks in identifying and implementing solutions for distressed borrowers. We are aware that budget 2013 measures have placed an additional burden on families who are struggling with their mortgages. I refer to the cuts in child benefit, the PRSI increases and the introduction of the local property tax, etc. I emphasise that I voted against the property tax because it is outrageous to impose a tax on the family home and thereby penalise people who are already under enough pressure. The Government's failure to address mortgage distress in an adequate manner is having an adverse impact on mental health, the well-being of society and the domestic economy. There is widespread concern about the threatened significant increase in family home repossessions as a result of the mortgage arrears resolution targets programme, the proposed changes to the code of conduct on mortgage arrears and the Government's plan to reverse the Dunne judgment. In effect, the banks will retain a veto in the vast majority of cases in which it is proposed to restructure mortgages under the planned new personal insolvency service. I strongly support the proposal to establish a mortgage resolution office, under the new Insolvency Service of Ireland. The office will arbitrate between borrowers and lenders and, where necessary, make binding resolution orders. I call on all Members of the House to support the motion. We need to support families suffering with mortgage arrears. It is a total disgrace that they will be asked to pay the new home tax in the next few weeks. It will heap more misery on the people of this country.

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