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

I am grateful for the opportunity to contribute to the debate. I welcome the Bill and strongly commend Deputy Joan Collins for bringing it forward to help people in genuine crisis. This demonstrates that members of the Technical Group have ideas, solutions, common sense and, above all, that we have a great sense of justice on behalf of the people.

The Government must realise there is a major problem with families under huge financial stress who need our help. They need reasonable solutions and action now. The Taoiseach stated in the House earlier and again yesterday that 12.7% of mortgage holders were in arrears, but those who live and work in the real world believe the accurate figure is approximately 25%. A total of 86% of families in distress have nothing left at the end of the month, while the remaining families who pay their mortgages on time each month and are good citizens are left with practically nothing. That issue has to be addressed in this debate. The vast majority want to make an effort to pay down their debt. That is the reality every week in my constituency clinic in Donnycarney.

Before addressing the legislation, I would like to speak out again on behalf of another group of mortgage holders who were shafted in the past - the residents of Priory Hall. I commend them for the work they have done. They were let down by the developer, the State, bureaucracy and the banks. Many of them are in a dire situation, but I commend people such as Stephanie Meehan who lost her partner, Fiachra Daly, because of this issue which has come alive again because of his sad death and her bravery and integrity. However, it is important that the Government move on this issue and support the residents of Priory Hall because these families are suffering badly. They are crying out for justice. It is a disgrace that they had to wait for someone's death to end their nightmare. It is time for legislators, the State and everyone else involved to bail them out as a matter or urgency. We bailed out the banks. Why are we not bailing out the residents of Priory Hall? Next Friday the Government will spend €14 million on a referendum, while between €8 million and €10 million would address this issue. I commend Stephanie Meehan for her recent statement and again offer my deepest sympathy to her on the death of her partner, Fiachra. These families have suffered enough. This is related to the debate.

The legislation is based on the Norwegian model and I thank Deputy Joan Collins for the magnificent work she has done on it. She has come up with ideas, solutions and reasonable, practical outcomes to help families. The Government parties regularly say the Opposition has no ideas, but this is one of many, which is why people are looking to members of the Technical Group to show leadership on this issue.

On 21 June this year the Central Bank stated 95,554 or 12.3% of private residential mortgage accounts for principal dwelling houses were in arrears for more than 90 days at the end of March 2013, up from 92,349 accounts or 11.9% at the end of December 2012.

The number of principal dwelling house, PDH, accounts in long-term arrears of more than 180 days increased by 4.8%, showing quarter-on-quarter growth. The number of accounts in arrears more than 720 days was 12%. The number of PDH accounts in early arrears fell marginally during the first quarter of the year. The figures show that 46,564 PDH accounts were in arrears of less than 90 days at the end of March, reflecting a quarter-on-quarter decline of 0.7%.

I urge all Members to support this excellent legislation introduced by my colleague, Deputy Joan Collins. The Bill presents solutions and an option to help families. We need to do it now.

See this speech in context