John Paul Phelan (Carlow-Kilkenny, Fine Gael) | Oireachtas source

I welcome the Consumer Protection (Regulation of Credit Servicing Firms) Bill 2015. Like Deputy Paul J. Connaughton, I was inundated with representations from constituents who had mortgages taken out with institutions no longer in existence, which mortgages were subsequently sold to another mortgage provider primarily existing outside the State. These constituents raised real concerns about the prospect that the new entrants were not covered by the existing code of conduct and the mortgage arrears resolution process that applied to institutions based in the State. I am glad that the Minister has taken the necessary action in the legislation to ensure this group of often very vulnerable individuals will receive the same protection for their mortgage loans as is available to individuals and families that have loans with institutions based in Ireland. Without this legislation, we have the potential for unscrupulous credit institutions to gain ownership of loan books without enforcing the existing rules, as they stand. That is why I am an enthusiastic supporter of the provision being extended in this legislation.

I also welcome the news, widely reported in the media this morning, that the Taoiseach's office is becoming directly involved in finding solutions to the mortgage arrears issue more swiftly. It was mentioned by the previous speaker that well in excess of 100,000 mortgages were in arrears and that the figure for mortgages in arrears for two years or more was approaching 37,000. We are now in year eight of the economic crisis that has gripped country and there can be no more important matter for any individual or family than keeping a roof over their heads. I do not claim to be exceptional among Deputies, whether on the Government or Opposition side, in receiving many representations from people who find themselves in such mortgage difficulties. These are harrowing accounts of families being put to the pin of their collar in trying to keep a roof over their heads. Extending the existing provisions to new businesses entering the mortgage market in Ireland and buying existing mortgage and loan books is welcome. That is why I am a particular supporter of this legislation.

Many in the Opposition, although perhaps not the two Members in the Chamber at present, believe in ramping up Government expenditure, while continuing with high rates of income tax and perhaps higher rates in the future. The role of government should be to give people their money and let them spend it as they wish. I commend the efforts and pronouncements of the Taoiseach in the past few days in his recent RTE radio interview, which were in marked contrast to those of the Leader of the Opposition. When he did the same interview a few weeks earlier, he went on record as saying he did not believe income tax rates should be reduced but that expenditure should be increased in an improving economy. Has he not learned anything from his time in government in bringing the country to the position it has been in for years and from which it is now thankfully starting to emerge?

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