Clare Daly (Dublin North, United Left) | Oireachtas source

I welcome the Bill from the point of view that its attempt to dilute the power of the banks and enable people to stay in their homes with sustainable mortgages. Keeping people in their homes is best for them and economically best for society, not to mind the personal trauma of that upheaval. The current arrangements mean that, while the final decision rests with the banks, there cannot be an equitable solution. The interest of the banks is not in keeping people in their homes but in tidying up their books and moving things on. Sound human, economic and common sense do not prevail in that situation.

There are many examples but, like Deputy Joan Collins, I will refer to one. Two unconnected families, both of whom engaged with the financial institutions about a mortgage to rent scenario, had set up an arrangement with a voluntary housing arrangement organisation almost one year ago. The bank dragged its heels and is now hiding behind the fact that the valuation levels set in 2012 are redundant for today's market of rising property prices. The value has gone up and now people are being told that the mortgage to rent scheme is off even though they met the criteria at the time and everything had been lined up. Those people faced the prospect of immediate eviction and of uprooting their families from their schools and the areas in which they live.

We paid the piper and the taxpayers bailed out the banks. These schemes need to be adopted to take account of the current situation and the changes in the market. The Bill is a step in that direction.

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