Michael Colreavy (Sligo-North Leitrim, Sinn Fein) | Oireachtas source

In the late 1800s Michael Davitt stoked the fires of dissent and agitation among the people of Ireland, especially those living on the western seaboard. He launched a campaign against landlords and gombeen men in order to tackle the injustices that was resulting in the eviction of families throughout the country from their homes. Michael Davitt was a revolutionary, an agitator, a social campaigner and a national hero. Given that it is May Day, it is good to remember him. I wonder what he would make of this particularly nefarious legislation.

Ministers like to quote figures but I am not at all sure the Government fully understands and appreciates the terrible position in which many families find themselves at present. One in four households is experiencing mortgage distress. How many such households were given loans well in excess of what they could sustain? How many received loans well in excess of those which would have been approved under prudent and sensible bank guidelines? To what extent did reckless lending lead to the price of houses shooting up to unjustifiable and unsustainable levels? Have the banks paid any price for their part in all of this? When one considers the salaries and pension packages of their senior decision makers, one comes to the conclusion that they are being well rewarded for the mistakes they made.

During the Celtic tiger years, the then Government and certain sections of the mainstream media propagated the myth that the property bubble was a sustainable economic mechanism. The then Taoiseach and leader of Fianna Fáil, Bertie Ahern, stated that anyone who talked down the Irish economy should kill himself or herself. We were informed that the patriotic thing to do was invest in the inflated property market.

We were warned that if we did not get a foot on the property ladder, we would end up living on the side of the road. Instead of investing in the real economy and creating sustainable jobs, the then Government put all of its eggs in the fragile basket of the property bubble. Now, the people of Ireland must pay the price for this reckless gambling.

An increasing number of people from all strands of society are falling into mortgage arrears. A report published two weeks ago by the money advice and budgeting service, MABS, found that clients in mortgage difficulty were primarily households with children, located in urban areas and headed by people between the ages of 45 and 65 years.

The Personal Insolvency Act 2013 was rushed through the House with inadequate time for a thorough examination. This is not the time to make it easier for banks to evict people from their homes, which is what this Act does. It grants greater power to banks and takes power from ordinary citizens. That is not what a functioning democracy should do. This is not democracy, but oligarchy - government by the few on behalf of the privileged few.

Section 2 of the Act allows the court, either by its own motion or on application by a relevant person, to adjourn repossession proceedings for a maximum period of two months to allow for the consideration of the making of a proposal for a personal insolvency arrangement, PIA. Two months is insufficient time to make arrangements, deal with banks or find alternative accommodation. Greater leniency is the minimum that the Government can provide to families that are about to be evicted.

As elected Members of the House, we all represent our constituents. Collectively, we represent all of the people of Ireland. We should not be Members to represent banks or banking interests. We must make up our minds. Do we represent those who elected us or the privileged few? Do we want democracy or oligarchy?

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