Debate resumed on amendment No. a1:To delete all words after “Dáil Éireann” and substitute the following:“acknowledges that this Government inherited a severe mortgage arrears crisis from the previous Government; accepts that the mortgage problem is a significant economic and social challenge for the State and that the Government is aware of the significant difficulties some homeowners are facing in meeting their mortgage commitments; notes that this Government published the Report of the Inter-Departmental Mortgage Arrears Working Group in October 2011 and that the key recommendations of that Report have been adopted by Government as the most appropriate framework to address this major problem; accepts that the Government is committed to advancing appropriate measures to assist those mortgage holders who are experiencing real and genuine difficulty with their mortgage repayments; recognises that Central Bank interaction with mortgage lenders is key to addressing mortgage arrears and in particular to ensure that, where appropriate, lenders put more long-term and sustainable solutions in place for their customers in mortgage difficulty; notes that the Central Bank has now set performance targets for specified credit institutions requiring them to 'propose' sustainable solutions to 20 per cent of their mortgages in arrears of more than 90 days by end June, to 30 per cent by end September and to 50 per cent by end 2013; notes that the Central Bank is building on this and will shortly indicate an end 2013 target for 'concluded' solutions and 2014 targets in respect of both 'proposed' and 'concluded' solutions; supports the Central Bank in this work as it now commences an auditing process to assess whether the mortgage modifications proposed and put in place by lenders under this framework, are in fact sustainable solutions; notes that the Insolvency Service of Ireland is now in a position to accept applications from authorised Personal Insolvency Practitioners and Approved Intermediaries on behalf of debtors under the Personal Insolvency Act 2012; notes also that a comprehensive mortgage advisory service and a Mortgage-to-Rent scheme has been put in place; accepts that the vast majority of mortgage holders are meeting their repayment commitments and that, in the best overall economic and social interests of the State, such debtor discipline should be supported and that appropriate public assistance should be targeted only at those mortgage holders in genuine difficulty; and calls on the Government to continue and intensify its work across the relevant Departments and agencies to deal with this significant problem.” - (Minister for Finance).

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