Finian McGrath (Dublin North Central, Independent) | Oireachtas source

I am grateful for the opportunity to contribute to the debate. I support the motion, as it clearly sets out solutions to the huge problems and hardship experienced by families who are suffering pain because of the economic collapse. We have all met people who need our practical support. Now is the time to stand up for them during this debate; it is no time to sit on the fence. Mortgage arrears continue to increase, with 142,892 family home mortgage accounts in arrears at the end of June, of which 57,163 were in arrears for more than one year. The evidence presented by the banks during the recent hearings of the Joint Committee on Finance, Public Expenditure and Reform is that they relied heavily on issuing threatening legal letters to borrowers to meet their obligations under the mortgage arrears resolution targets programme in the quarter ending in June. That is the reality for families and why action is needed.

Every Oireachtas Member has an obligation to identify solutions and support the motion. I support the call for the Central Bank to report on the performance of the banks to date in reaching the resolution targets laid down. I also call for publication of the targets to be imposed on them in the conclusion of arrangements with customers in arrears. I fully support the establishment of an independent mortgage arrears resolution office to oversee implementation of sustainable mortgage solutions. The motion is about families and people, but, above all, it puts forward sensible solutions.

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