Richard Boyd Barrett (Dún Laoghaire, People Before Profit Alliance) | Oireachtas source

Then I do not understand why the Minister is doing this. Why is he empowering the banks now when he could have used this leverage over them to do what he says he wants them to do, which is to restructure debts for people so they become sustainable? Then, after a year or two, if there is tangible evidence the banks are being fair with people, we might consider removing the legal obstacle. That is what he should do.

It is difficult for people not to conclude the Government is being disingenuous on this, that it says it is concerned for distressed mortgage holders and will do something about the problem but it is not the Government's fault how the banks behave, there are legal issues and pressure from the troika.

In reality, the Minister is making this decision the net effect of which is to give more power to the banks to seize people's homes. Why would the Minister possibly do that? He should explain, not only to me but more importantly to the 180,000 families who are in serious distress - one could probably add to their number the 1,000 a week who are falling into arrears - why there seems to be two different laws and two different standards when it comes to being in debt in this country.

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