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

I thank the Leas-Cheann Comhairle for the opportunity to speak on this very important legislation, the Protection of Residential Mortgage Account Holders Bill 2014. I warmly welcome the Bill and strongly support it as it tries to do something sensible to assist mortgage holders and their families. It is essential when dealing with this matter and the broader issues directly connected to the banking crisis to take a humane approach and to deal with the issues in a sensible but a compassionate way. These people were hammered and let down by the financial institutions and they need a leg up in these difficult financial times. Of course, we must deal with the problem in a professional way. We all have a responsibility to the citizens of this State who pay their taxes.

I welcome the fact that the Government will not oppose the Bill, but we need to act soon. The Minister for Finance said he accepted the principle of the Protection of Residential Mortgage Account Holders Bill 2014 and he intends to bring forward legislation. He should do so now and get on with it. Time is running out and this is very important. Thirteen thousand people need his help and support.

The Protection of Residential Mortgage Account Holders Bill 2014 will protect residential mortgage account holders whose loans are owned by financial institutions or entities supervised by the Central Bank of Ireland by making it a precondition of the sale or transfer of residential mortgage loans to persons or entities not supervised by the Central Bank of Ireland that the persons or entities that acquire the personal mortgage loans agree to be bound by codes of practice issued by the Central Bank of Ireland.

Today we saw how Bank of Ireland suffered a major share rip-off following the sale of shares by Wilbur Ross. We need people in the Department of Finance who understand these kinds of issue and the markets and we need to get decent advice. A total of 96,474 mortgages - 12.6% - are in arrears of 90 days, and 1,014 properties have been repossessed, including 503 buy-to-let properties. Some €18.2 billion - 16.9% - is outstanding on mortgage accounts. I urge every Deputy to support this legislation and urge the Minister to act soon for these 13,000 families.

See this speech in context