Maureen O'Sullivan (Dublin Central, Independent) | Oireachtas source

I acknowledge the work that Deputy Stephen Donnelly did in respect of this motion. It is comprehensive and practical. The key word in the title is the word "resolving". The motion sets out some practical and sensible solutions and a common sense approach to this aspect of the housing crisis. I also acknowledge his consistent work on this matter. He has been a strong voice for those who are dealing with mortgage arrears.

The motion sets out the facts, the extent of mortgage arrears and the rising number of repossession cases. Last week during Leaders' Questions, I brought up a related issue which is affecting people in my constituency and others. Individuals, couples and families in the private rented sector are facing increasing rents which they cannot pay and which in turn leads to increasing numbers of people finding themselves homeless. The Taoiseach's reply was to outline the housing strategy. My reply to him was that if that strategy were working, we would not see increasing numbers of people being homeless; we would see a decrease. Likewise on the subject of mortgage arrears and repossessions. If all that is mentioned in the Government amendment tonight were working, we would not have the present extent of mortgage arrears and a rising number of repossession cases.

I had a look at the Government amendment and its language. Some of the words include "challenge", "the Government is aware", "decisive action", "effective management", "continuous review" and "concerted action by the banks". These are very fine words, but the reality is that people are continuing to lose their homes.

Deputy Donnelly wrote recently about being in attendance at a court dealing with repossessions. I was struck by the description of the people in court. Some of them were present there without legal or financial advice. At the end of his piece, Deputy Donnelly made the point that they looked bewildered and as if they did not understand what had happened. What had happened was they had lost their homes. I therefore very much support the statement that there is a need for adequate and independent financial expertise and legal representation for those in arrears who cannot afford it. No one should be left bewildered by the process.

The Government amendment mentions a commitment to completing a review of the implementation of the Central Bank's mortgage arrears targets and how the Insolvency Service of Ireland is operating and strengthening an independent advice service. However, there does not seem to be any sense of urgency about this situation, which has been allowed to continue for far too long.

Recently I was speaking to some younger people who feel they will never be in a situation where they can buy their own home through a mortgage. They feel that more and more people will be renting in the private sector. This is leading to significant rises in rent, which is putting stress on the private rental sector. These people are in their late 20s and 30s and are in good employment and would like to buy their own home. However, for various reasons, such as the insecurity around the eurozone, they feel that they cannot. They have seen many examples of people in negative equity and their peers' homes being repossessed. They are also facing insecure employment. They are looking at what is happening in Britain. There is a feeling that there is a generation of British young people who will be the first generation to never consider buying a home. One young man put it to me very succinctly when I asked him why he is renting and not buying. He said: "Property ownership feels like it is a marker of stratospheric success or evidence of having been born lucky or having inherited early." What seemed predictable and manageable - buying a home - is daunting and unsettling for a generation of younger people today.

We used to have one of the highest rates of home ownership within the EU. Historians and sociologists will back up the contention that it comes from our history. This is a history of tenants, landlords, evictions and the Land League - the historical one - and so on. It is becoming harder and harder. Perhaps we need to think more European and consider a culture of lifelong renting. However, that would require the Government to embrace rent management because long-term renting will not work if landlords can increase rents at will.

Private renting is negatively affected by a lack of action on mortgage-to-rent and mortgage-to-lease schemes.

I wish to raise two further points. We must acknowledge the pressure placed on individuals and couples by banks and lending institutions to buy properties at exorbitant prices and with exorbitant mortgages. We must differentiate between those who bought houses as their homes and those who bought to build property portfolios. These two points must be considered in the context of writing off mortgage arrears.

The banks owe their solvency to the Government and the people. In turn, the Government's priority must be the people. It must be firm with the banks and ensure that repossessions and arrears are handled humanely rather than via a corporate and profit-driven model only. The way to solve any problem is through working together. Deputy Donnelly has acknowledged the interventions and progress that have been made. As such, I hope that the Government will acknowledge and take on board some of his proposals and suggestions.

See this speech in context