Michael Fitzmaurice (Roscommon-South Leitrim, Independent) | Oireachtas source

The amendment is needed. The Bill is too detailed, takes too long and is too prescriptive and cumbersome. They look for the CC of an engine and the mileage of a car. I am not one who would agree that it needs to go through the courts. It can be solved before that. We have a problem coming down the line in the next 18 months in the form of 57,000 houses. If the banks do not make some decision it is going to be a problem. There will either be 57,000 more rent allowances or 57,000 more families looking for accommodation. I know there are no simple solutions, but we cannot decide to bury our heads in the sand on this.

In the last few weeks, I have come across a sad reality as regards middle Ireland. I have talked to a few people who are public service workers and have got into difficulty in the last few years. They are looking at going through the insolvency process and they have children who are ready to go to college. Because of the top-line earnings they have, they will not even get a college grant.

As politicians, we need to look at this broadly. There is no quick-fix solution. We have to ask if NAMA can get involved, if we can buy these houses that are in difficulty and rent them back, or else do a new deal in a type of mortgage system. If we do not do something, the amount of money that will be involved will be significant. We cannot bury our heads in the sand. We have not got enough accommodation.

Do we want to let more American vulture funds come in buying Irish property, or do we want to solve it as a nation for ourselves? We have talked about the country taking a turn. The growth forecast looks to be good, but there is no point in spinning nice stories if people out there in what I call middle Ireland are in a situation where there is no hope.

I will support the Bill, but I think the whole insolvency process needs looking at. We have to tweak the system to make sure that it works efficiently. It is not right that someone could be still going through that process five months down the road. The good old banks into which we have put €64 billion of our taxpayers' money, and for which we will be paying for the next 30 or 40 years, seem to be calling the tune. That should not be the case in any world. The people of Ireland deserve to be given hope and to be brought out of this the same as the banks have been brought out of it. Everything should be working together. I encourage the Minister to look at the whole issue of insolvency.

On top of that, I encourage the Government to consider the 57,000 people in arrears. Indeed, a further 30,000 or 40,000 people are in arrears above that figure. We cannot keep going with a cover over our eyes or decide that this is not happening. It has been coming down the tracks for years. Not as many have lost their houses as will lose them in the coming 18 months. Cometh the hour, cometh the man. Cometh the Government, something has to be done and I encourage the Government to examine it.

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