Dáil debates

Tuesday, 17 February 2015

3:50 pm

Photo of Enda KennyEnda Kenny (Mayo, Fine Gael) | Oireachtas source

Deputy Martin is wrong when he said that I blame the borrower. I said that in many cases, there is no engagement at all while in other cases, there has been. I made the point that the reason we called in the personal insolvency practitioners was to get from them first-hand evidence of where the banks are failing to cut deals after the personal insolvency practitioner has put forward a sustainable solution. I am not happy about that and that is why we will call in the banks to address that very matter. That is why it took a long time to put in place all of the options now on the table so that those hard-pressed borrowers and those distressed mortgagees can negotiate with lenders and arrive at one of a number of sustainable solutions. That is what the personal insolvency practitioners are for and where MABS and a number of other organisations have helped out.

It is true to say that thousands of letters have been sent out and that banks are back making money but it is not a case of waiting until property prices rise. Many of these mortgages have been restructured already but not enough and not quickly enough. I hope that following our engagement with the banks, we can come to a far more-----

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