Joan Collins (Dublin South Central, People Before Profit Alliance) | Oireachtas source

We are calling for fairness. Deputy Luke 'Ming' Flanagan was correct. Where was the fairness when unsecured bondholders were paid? Did the Government ask the people if we should pay them off? No, they were paid off. Ordinary people should be assisted out of their situation, that dark tunnel out of which they cannot see. That is what this Bill is about. It is robust, proven legislation which has worked in other countries and should be examined seriously. The Minister for Justice and Equality, Deputy Alan Shatter, will have to examine this because it will happen. Although he says his insolvency legislation will deal with it, it will not and he will have to revisit this issue down the line.

The banks have been recapitalised by €9 billion. For the three Irish banks, the total will probably be approximately €3 billion to €3.5 billion for those families which are in negative equity and arrears. I challenge the Minister to check this out and determine exactly how much it would cost to deal with those families in negative equity and arrears. Having that figure would help the debate very much. Ordinary people are not looking for a freebie. They paid their mortgages when they could afford to and they want to continue to play their role in society. This must be examined regarding the family home.

The Minister has said this is unconstitutional, but that is not the case. Articles 40 and 43 of the Constitution specifically make the point that undue weight is given to property rights, but Article 43.2.2° states: "The State, accordingly, may as occasion requires delimit by law the exercise of the said rights with a view to reconciling their exercise with the exigencies of the common good". Therefore, the State has the right to move in and protect those who need it. As people need it, I ask the Minister to please accept the Bill.

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