Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

That is correct.

On behalf of Fianna Fáil, I am delighted to move this important legislation, the Family Home Mortgage Settlement Arrangement Bill 2014, which was formally introduced in December. I am glad we have procured some Private Members' time to have a proper debate on it.

This Bill is all about the family home. For many families, their homes are under serious attack. Every week, hundreds of applications for the repossession of family homes are being made to the Circuit Court throughout the country. There were more than 8,000 such applications last year. Tonight, many families are staring in the face the grim but real prospect of losing the roofs over their heads. We in this House are duty bound to devise solutions to the crisis. We have identified a specific issue in the operation of the Insolvency Service of Ireland that, if addressed, would go some way towards handling the crisis.

The Insolvency Service is not working when it comes to mortgage debt. In fact, it is failing abysmally. Given the fact that some 118,000 family home mortgages are in arrears, one has the sense that the fewer than 200 personal insolvency arrangements approved to the end of December represent just a drop in the ocean.

One reason for the Insolvency Service not working is the veto power that the Government gave to the banks. That issue is at the heart of our legislation. We are seeking to bring about a rebalancing of the power that was given to the banks at the expense of borrowers.

The Acting Chairman might tell me when there are five minutes remaining, as the clock is not counting down.

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