Catherine Murphy (Kildare North, Independent) | Oireachtas source

I support the motion. We need stronger assurances from the Government and the Central Bank that borrowers will have basic, guaranteed rights in the mortgage arrears process. Each time we debate the issue the number of people in arrears has grown alarmingly. Solutions have been heavily lopsided in favour of the banks and the lending institutions. To date, there is an inherent power imbalance in all of the suggested solutions that strips away the rights of borrowers in basic negotiations.

The code of conduct on mortgage arrears published last June contains really worrying elements. I refer to forcibly moving people off tracker mortgages where no sustainable solution is available. Only the lender’s opinion counts and there is no balance between the two sides. The 12-months moratorium on legal proceedings was reduced. Unsolicited home visits by lending officials will be permissible. Banks and lenders control the communications process. People are being hounded by some of the lending institutions. They are already stressed out without that.

The precise definition of “sustainable solution” is defined by the lending institutions. We need a basic appeals process and basic income and living expenses. We have seen the What's Left survey carried out by the Irish League of Credit Unions. The situation must be completely reassessed. Better regulation must be introduced to prevent intimidation and unsolicited visits. The point has already been made about the huge waiting list. If a person’s house is repossessed he or she has nowhere to go. Solutions must be provided in cases where that occurs.

See this speech in context