Dara Murphy (Cork North Central, Fine Gael) | Oireachtas source

My colleague very capably pointed out the hypocrisy of parts of this motion from Fianna Fáil. Having attended last week's finance committee hearings as a member, there was cross-party frustration with the banks. They came in and they had all achieved their targets. One of the main criticisms I have of this motion, and even this debate which, as the Minister said, is ongoing, is that many of the questions we had after last week will be answered next week when Professor Patrick Honohan of the Central Bank comes before us. The banks, which have different products, are also using different solutions and definitions. It proved impossible for the finance committee to compare the apples and oranges that were put before us. I welcome what the Minister for Finance, Deputy Noonan said about the ongoing audit process the Central Bank will be undertaking. Along with the political failure there was also a very severe regulatory failure in our country and that cannot be allowed to be repeated. I hope we will get some answers to those questions next week from Professor Honohan.

I welcome the Minister's commitment on targets for concluded negotiations between lenders and borrowers. That is what we are striving to achieve, but it is only the second round of targets for the banks. Considering the less difficult options is a human response to being given a target. Nobody in severe mortgage arrears could be described as being in an easy situation, but we are approaching the point in 2014 when we will be left with the most difficult cases. I would like the Central Bank to make an assessment of the number who will never be able to pay their mortgages. A broad range of solutions is available, including forbearance or deferral for persons currently out of work. Clearly, some people have invested in mortgage properties and cannot continue to keep them. There will be a cost to society if we have to provide housing for people who cannot afford their mortgages. The targets for dealing with the latter group will be most important in determining how we reach a solution. We will find out next week whether the Central Bank has put in place the rules that will allow them to audit the progress made to date.

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