Maureen O'Sullivan (Dublin Central, Independent) | Oireachtas source

Aontaím leis an seanfhocal breá atá againn as Gaeilge, "Níl aon tinteán mar do thinteán féin". Ceapaim go bhfuil sé riachtanach gach rud a dhéanamh i dtreo is go mbeidh seans ag daoine fanacht ina dtithe féin. Every avenue to avoid repossessions has to be explored. Evictions played a part in the bleakest moments of our history and we do not want to return to them. However, this is what we see in the case of those who are in mortgage distress. I recognise that the Government inherited the problem and that personal responsibility plays a role in that people took out these mortgages, but Governments and banks also have responsibility for the hype and all but forcing people into taking out these big mortgages without deposits. People bought houses at inflated prices and then encountered a variety of circumstances, including, in particular, job losses, which brought them to their current position. People in negative equity are generally in a particular age group.

The crisis was identified several years ago and if the measures already introduced had been effective, we would not be seeing an increase in the number of mortgages in arrears. The number of mortgages on family homes in arrears for longer than 12 months has increased significantly and there is a real danger that the new code of conduct will make matters worse. I refer to the moratorium and the prospect of limitless contacts by banks. I am told the contact is supposed to be proportionate, but to what will it be proportionate? The lack of an independent appeal mechanism is also significant.

Another distressing aspect of the problem, as related by New Beginning, is that the more responsible mortgage defaulters will be hit hardest. FLAC has pointed out that the new code gives lenders more control than ever and could result in repossessions. I recently had a meeting with Bank of Ireland and acknowledge that what its representatives told me about the position in Dublin Central is positive. One owner-occupied house has been repossessed in the past year and the holders of 92% of the bank's restructured mortgages are meeting their commitments. Public interest directors have an ironic title. Whose interests are they protecting?

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