Dara Murphy (Cork North Central, Fine Gael) | Oireachtas source

-----but the reality is that, irrespective of whether we like it, there are two parties to every agreement, and constitutional prohibitions would prevent an agency that would instruct in this regard. It also would be another incidence of Fianna Fáil setting up another quango and employing more people, not to mention the legislative delays that would be incurred.

The Central Bank is the independent authority. It will be able to monitor the progression of the banks through the 20%, 30% and 50% of cases where they must offer sustainable solutions by the end of the year and the 100% of cases where they must offer sustainable solutions by the end of 2014. Most, if not all, of the measures that are suggested in this Bill, such as mortgage-to-lease, split mortgages and interest-only arrangements, are already included as part of what will make up the sustainable measures. If people are not happy, they have the personal insolvency legislation.

The Government has to be commended for doing a great deal to help in an extremely difficult situation, but Fianna Fáil should use the opportunity here tonight to apologise, not for not taking all of these measures, but for not taking any of them, particularly in the past four or five years of its term in office, when it stood on its hands and did nothing to stop this. Now, Fianna Fáil Members come in here, after the Government has brought in its legislation, plagiarise the whole thing and pretend they are some sort of heroes, which they clearly are not.

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