Niall Collins (Limerick, Fianna Fail) | Oireachtas source

We are living in a changed country. Our laws must reflect the dramatically transformed economic context and the sheer scale of the mortgage arrears crisis. Addressing the oversight in the original Act is one matter, but empowering the banks to pursue wholesale repossessions is another matter entirely. The need to address the law and the problems with the Government's approach will be dealt with in our amendments, to which I hope the Government will give genuine consideration. Our amendments will level the playing field and balance proceedings in favour of the ordinary householder in difficulty.

Fianna Fáil will table amendments to the Bill to give the courts the power to consider refusals to accept the proposals of personal insolvency practitioners relating to family homes and to help rebalance the system in favour of home owners. Such a measure would provide a roadblock to banks intent on repossession.

It is vital that in addressing the lacuna in the law we recognise the current reality and strengthen the position of struggling home owners. We will seek to lengthen the time period available to seek a personal insolvency process to ensure that the time limits do not act as a barrier to a fair resolution. We will put forward amendments to make the code of conduct on mortgage arrears admissible in court proceedings and ensure that lenders comply with it, thereby strengthening the hand of mortgage holders. Our amendments will also impose a limit on costs for debtors in court proceedings to level the playing field between banks with big legal teams and ordinary mortgage holders already struggling to keep themselves going. The information deficit that undermines debtors will also be addressed. Amendments will require that debtors have adequate legal and financial information and advice in legal proceedings.

The prospect of a wave of repossessions across Ireland cannot be defended morally. We in Fianna Fáil are committed to pursuing constructive opposition and we will put forward meaningful amendments that address the lacuna in the law but also ensure that power is not completely shifted to the very bankers who generated the crisis. The integrity of the family home must be paramount. No amount of legal jargon and manoeuvring can be allowed to obscure that goal. Our job as legislators is to protect ordinary citizens in the name of the common good. No good can come from wholesale repossession of family homes, and the Bill in its current form cannot be supported by anyone committed to help ordinary home owners struggling to make ends meet. For the Government it appears the path of broken promises is irrevocable and it is ordinary home owners who are bearing the burden of its mistakes.

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