Billy Kelleher (Cork North Central, Fianna Fail) | Oireachtas source

We have to have an affordable housing policy and if we have learned anything from the past it is that affordability should be assessed independently as opposed to the banks being the ones deciding lending policy, the payment capacity of families and the affordability aspect as well. The banks do not behave in that way.

The Government was accused of being arrogant. It is not arrogant; it is weak and meek when it comes to the banks and that is its problem. If there was a bit of arrogance or cut about the Government, it might stand up and square up to them on repossessions and mortgage arrears. It has thrown in the towel very quickly and did not even rise a gallop or raise a sweat in trying to force the banks to come to heel in some way that is fair, reasonable and rational. The idea that this would undermine and overwhelm the legal system and there would be fundamental change in property and entitlement does not stack up.

The Bill provides for giving independent oversight to somebody who can adjudicate independently, in order to ensure that a fair assessment can be made as to what is a sustainable solution. This would allow a person to present to the bank without the bank having the whip hand or the veto. We have that every day of the week in the context of the independence of our Judiciary, where an independent person sits on the bench and assesses and makes a decision. We have it in this House, where the independent Ceann Comhairle adjudicates and makes findings. However, the bank will decide what is sustainable, fair and affordable, but it will be always from the point of view of the bank, the shareholders, the balance sheet and profit.

Deputy Mathews is right that we now have banks clapping themselves on the back for the profits they are accumulating. We need only look at the way they are addressing variable rate issues. It is very easy to make profits when they have a captive audience. People cannot pack up their mortgage application and go to the next bank because there is no competition in the marketplace. Everybody is trapped or indentured to the bank they are currently with. The idea of going somewhere else for a loan is an aspirational notion. It is time the Government stood up and was counted in the context of addressing a societal issue that goes to the heart of what we are about here, that is, fairness and decency.

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