Dominic Hannigan (Meath East, Labour) | Oireachtas source

I welcome the opportunity to speak on the motion. I agree with the part of it that expresses concern at the huge number of mortgages in arrears. Some 140,000 families throughout the country are suffering the stress of being in mortgage arrears. Not only is it difficult for them to make their mortgage repayments, but they also have less to spend on groceries and to meet their children's needs. This affects their bank balances, family relationships and mental health. When we debate this issue, we need to be mindful of the effect it is having on every facet of individuals' lives. As Deputy Maureen O'Sullivan noted, evictions have an historical resonance for Irish society. All of us are aware of the impact of the Great Famine in terms of people being been thrown onto the road and having to emigrate. We are concerned to do all we can to keep people in their houses.

It galls me to see Fianna Fáil tabling this motion. It is trying to take the high moral ground on a problem it helped to create. For too long when it was in power it allowed lax financial regulation of the banks. This led to cheap money flooding the market. It took no action when banks started to lend 100% mortgages or offered multiple credit cards to individuals, regardless of how much they were earning or repaying. When people tried to shout "Stop, this is going too far," the then leader of Fianna Fáil offered useful advice. What did he tell people to do with themselves? I will not repeat his words in this House because Deputy Michael McGrath remembers exactly what he said. It galls me that Deputy Michael McGrath is now telling us that we are doing something wrong when his party got 140,000 families into this mess.

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