Joan Burton (Dublin West, Labour) | Oireachtas source

I thank the Deputies who contributed to the debate on this section. Deputy Collins just quoted me from a few years ago about the lack of a resolution process and the disaster that was the guarantee. I stand over every word I said and I am glad the Deputy reminded me of that and of my earlier comments from Danny Blanchflower about the corrosive effect of young people not having a job. I stand over all those comments.

Since 2008, the mortgage interest supplement has paid out €319 million. That money has gone directly to the banks and it has done absolutely nothing for the person's long-term resolution of their mortgage difficulty. I appreciate the sentiments of the Deputies and their desire to help people to get to a resolution process.

However, this is not a resolution process; this is a cash handout to the banks of the interest on a mortgage for an indefinite number of years without the bank having to engage in any way with the couple, both of whom have lost their jobs, or where the mortgage is clearly unsustainable. On this the banks are laughing all the way to the bank. Why would they not?

I have many examples of cases which might help Deputies to understand this. A couple took out a mortgage of €195,000 and have been on the MIS for approximately seven years. We have paid their bank - not to the couple involved because it is nothing to do with them - €66,000. After all those payments, the couple still owe €183,000 and are not a step closer to resolution. In another case we have paid out €46,000. That mortgage started out at €180,000 and there was an extra home loan, meaning that the mortgage is now €241,000.

While it has taken some time to do it, the Government has introduced a resolution process. The critical thing there is to actually put the resources into the resolution process and to see that people get assistance in the resolution process, as MABS is doing. We are spending €47 million on MABS and citizens' information. I agree with the Deputy that they are doing considerable work along with other organisations to help people get to a resolution. What is the point in having a resolution process and still continuing to pay very large sums of money? The average sum of money is €26,000 over a four or five-year period and the person has no further resolution. Now that we have introduced the resolution process we are transferring people to that process.

It has been said that some people are hopelessly-----

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