Pearse Doherty (Donegal South West, Sinn Fein) | Oireachtas source

The Minister of State will have a chance to speak later. The targets set clearly allow for repossessions to take place. When the targets were set, I said that I hoped they would fulfil the Government's intention. However, I was sceptical because it is clear that the banks have behaved in an uncooperative fashion for the past five years.

What is being delivered in Deputy Joan Collins's Bill is positive in respect of protecting the family home. However, I have concerns about how it relies on the framework of the Personal Insolvency Act. The Act is only newborn and it has been a difficult birth. It is still in a fragile state and we know that questions have been asked about it in the Grant Thornton report and because of the lack of personal insolvency practitioners. In County Donegal there is only one personal insolvency practitioner. There is a real need for public personal insolvency practitioners so that no one is denied the service. The veto for the banks is also an issue and that is why we have argued for an independent body to enforce realistic solutions and sustainable restructuring above the heads of the banks so that we can get to the endgame in this process. That is the key. The banks' veto must be challenged and removed as a path to real and sustainable agreement for those with mortgage debt they cannot repay.

The figure of 110% of current market value, referred to in the Bill, is inappropriate in legislation. We need to deal with this on a case-by-case basis and we need to include write-downs of debt on a case-by-case basis. The spirit of the Bill is correct but we would like to tease out some technical elements further. It is important that we allow the proposal from Deputy Joan Collins to move to Committee Stage. It is a constructive proposal and we should tease it out.

It is clear that, from day one, the Minister and the Government have protected the vested interests of the banks. I talked about the code of conduct on mortgage arrears, the reliance on repossession letters and the removal of the Dunne judgment. The Minister also protected senior bankers. In the case of the Anglo Irish Bank tapes, the two people involved were protected in senior positions by this Government.

Not one of the thousands of staff earning above €100,000 in any of the banks took as much as a penny reduction in their basic pay as a result of Mercer. What we need is energy, facts and delivery, and that is not forthcoming.

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