Billy Kelleher (Cork North Central, Fianna Fail) | Oireachtas source

This legislation will not address the societal carnage that exists at present with 100,000 mortgages approximately 90 days in arrears. We know the difficulties that exist. The banks are generally in considerable trouble financially. They are still insolvent and the mortgage arrears issue is the gaping hole in their balance sheets that no one has been willing to address in a meaningful way. They kicked the can down the road, as the proverb goes, and we are now in a position where property prices have not stabilised. In some cases they are still falling and the holes in the balance sheets of the banks are getting bigger every day. The point is that the banks are desperate organisations fighting for their survival while the Government is hoping that they will struggle on and that they will not need to be recapitalised further. They will do desperate things to address their impaired balance sheets, especially in respect of the mortgage books. I am concerned that with no independent oversight-----

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