Mary Lou McDonald (Dublin Central, Sinn Fein) | Oireachtas source

It met in January and the Taoiseach proposes that it will meet again in March. That does not suggest any great sense of urgency on the part of the Cabinet in respect of this issue. According to the Central Bank's figures more than 140,000 families are in arrears but those figures do not include buy-to-let properties. It seems to me the Government has made no real impact on reducing the numbers of families experiencing mortgage distress. For instance, in September 2009 the number of families in arrears for more than 90 days was approximately 3.3%. The latest statistics show that this figure has increased to 12.9%. Rather than having a solution to this matter we are seeing an escalation of the crisis for families and householders across the State.

The number doubled in the last 18 months of the previous government and it has doubled again in the first two years of this Administration. A research paper by the Central Bank analyst, Yvonne McCarthy, states that three-quarters of all homes in mortgage arrears have at least one person in employment. That is interesting because it means that mortgage distress touches not just those thousands of unemployed people but also those in work. Ms McCarthy notes further that when one examines the figures, employment is not always secure. That raises all sorts of issues concerning security of employment, the misuse of flexible work arrangements and zero-hour contracts.

The Taoiseach amended the Land and Conveyancing Act in such a manner as to leave home-owners at the mercy of banks when the threat of repossession looms. The code of conduct on mortgage arrears has removed some of the protections the code originally offered to home owners. There are also issues around the personal insolvency regime, which was much lauded by the Taoiseach. For many people, however, it is not fit for purpose.

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