Dáil debates

Wednesday, 5 March 2014

Protection of Residential Mortgage Account Holders Bill 2014: Second Stage (Resumed) [Private Members]

 

7:00 pm

Photo of Eamonn MaloneyEamonn Maloney (Dublin South West, Labour) | Oireachtas source

The collapse of the banking system and the economy in 2008 has had multiple effects and, as legislators, we have been dealing with various issues that have been thrown up. The sale of the IBRC loan book is the latest issue as the bank's mortgage holders find themselves in a precarious position as the loan book is about to be sold off. It is a matter of great concern, although thanks to the focus on both sides of the House we are agreed in principle that the issue must be addressed in such a way that those who have loans with IBRC are protected. That is good and it is the right thing to do. All of us who have had telephone calls or mail from them will be aware that they find themselves in a nervous and concerning predicament but it is up to us to step up and reassure them and to reach a conclusion that gives them protection.

As previous speakers said, the Central Bank's code of conduct on mortgage arrears is a strong document and these people are seeking protection under it. I was assured by the Minister of State's contribution last night on two fronts. It was made clear at last week's meeting of the Joint Committee on Finance, Public Expenditure and Reform that if a voluntary code cannot be adhered to, the issue will be dealt with the only other way it can be. I was also reassured by the Minister of State's comment that the loss of the family home would be a last resort. There may be exceptions but most Members do not want families to lose their homes and be evicted. Some may hope that happens for short-term political gain but the debate has proven that most of us are concerned that they do not.

References have been made to foreign vulture capitalists in a number of contributions. I was brought up to believe - I still believe - that there is little difference between foreign vulture capitalists and some of those whom we have bred, although I will not refer to ongoing proceedings. The Technical Group ratcheted up the rhetoric earlier about what these foreigners would do. I do not distinguish between vulture capitalists, irrespective of where they are born and I am a little concerned about some of our own.

I am glad we can agree on the principle of the legislation because this addresses a very human issue. It is a position in which none of us or our families would want to be. As legislators, we have to reflect on the emotional damage this is doing to people and get on with doing what is right for them. That is the bottom line and the Minister of State assured us in this regard last night. At the end of the day, all of us would be happy, assuming the sale of the loan book proceeds, with a resolution that meant all the IBRC mortgage holders were protected in full under Irish law.

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