Timmy Dooley (Clare, Fianna Fail) | Oireachtas source

That is an intolerable burden to place on anyone's shoulders, given the fact that, to use the Minister's analogy on the generality of the approach taken by the State on behalf of the taxpayer, the financial institutions were provided with funds to shore up their capital and allow them to continue trading. I accept that Bank of Ireland is largely a private company and that the State only holds a 14% stake in it, but the State held a considerably greater portion of the bank's share capital at a time when, like other financial institutions, it was in dire straits and unable to move bonds in the international markets. This fact seems to have been wiped from the minds of the institution's board. That is deeply disappointing and the Minister would be well advised to address this issue in the course of his discussions with the bank which could have been in a perilous state were it not for the decision of the then Government to take a significant shareholding in it. The bank has been able to tidy up its balance sheet more quickly than other institutions, which is welcome and in everyone's interests, but to place an intolerable burden on the shoulders of homeowners who must vacate their homes for one reason or another is not acceptable. There must be some repayment capacity beyond which the individuals concerned would not be expected to continue paying. There must be light at the end of the tunnel for people who will no longer be homeowners but will still be burdened by that debt for a significant time. There must be a watershed, be it five or six years. Through general bankruptcy, larger individuals and companies are able to get out of debt after a set period. We must re-examine the issue.

In previous debates on the annual salary of Bank of Ireland's CEO, a matter that arose again this week, the Minister had an opportunity to show some solidarity with and understanding of the position of beleaguered homeowners. When asked about the State's voting position on the CEO's remuneration at Bank of Ireland's forthcoming AGM, he simply replied: "The State has 14% of Bank of Ireland. How we vote on this issue at the AGM does not matter. It is going to go through anyway...". This laissez-faire approach encompasses the Government's dismissive attitude towards struggling homeowners.

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