Gerald Nash (Louth, Labour) | Oireachtas source

I am glad to have this opportunity to raise this issue of the pilot scheme announced last week by the Central Bank last week for dealing with distressed mortgages. No Member would argue that such a scheme is not badly needed. It is, indeed, long overdue. However, one point that galls ordinary people most is not just the appalling behaviour of the banks prior to the crash, but their continued arrogance and tardiness in dealing with the aftermath, having been bailed out by the taxpayer.

However, on the face of it, this scheme would appear to be good news. As always, the devil is in the detail. The scheme has all the hallmarks of having been designed by the banks for the banks, as they have put themselves at the top of the queue to receive the lion's share of whatever debt can be recovered from distressed mortgages.

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