Brian Hayes (Dublin South West, Fine Gael) | Oireachtas source

Time is a great leveller in this place. We have been setting ourselves timelines. Let us see whether we can achieve the targets. There is confidence that we can do so.

It is only right and proper that we put the banks through this process and demand that they deliver. The fundamental problem in this society over the past two decades has been the extraordinary amount of group-think at the heart of the regulatory and banking systems. This was responsible for the national crisis. I have a very open mind as to whether the banks will actually achieve their targets. They hoodwinked the current and previous Governments and we should be critical in our analysis of whether they will achieve the targets we have now set for them. None the less, targets have been set and we will soon see whether they can be met.

Section 23 of the insolvency legislation deals with what is regarded as reasonable living expenses. If we are to make progress, we must be honest and truthful with people who have totally unsustainable mortgages and acknowledge that, in a minority of cases, their homes may be repossessed. This is because they are in an entirely unsustainable position, despite the fact that, in the great majority of cases, people can stay in their homes.

One aspect of dealing with mortgage resolution is being utterly truthful with people who find themselves in this appalling situation. We must ensure this truthfulness is a fundamental part of the Insolvency Service of Ireland, which has been established under Mr. O'Connor. We look forward to success in that regard.

I concede that this is a crucial issue for this Dáil, its Members and the economic recovery of the country. We can get to a better place if we make progress. There is confidence among members of the Government that the actions it has taken will help with the restructuring of impaired mortgages.

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