Micheál Martin (Cork South Central, Fianna Fail) | Oireachtas source

Four years ago Deputy Michael McGrath proposed legislation to set up an independent mortgage resolution office to provide a proper intermediary force between the banks and people in mortgage distress and to ensure the banks would not have a veto over the resolution of mortgage arrears and agreements. He ignored it and month after month since then he has ignored pleas from the Opposition to change the relationship between the banks and people in mortgage arrears and to change the veto the banks have over any debt resolution agreement resulting from any process. There have been up to 586 repossessions since January. That is a 500% increase on this time last year. The majority of these are homes, not investment properties. The Taoiseach will recall that it was Government legislation in 2013 circumventing the Dunne judgment that allowed the repossession train to start. Research has already shown that 1,000 homes have been repossessed. It is now estimated that there are up to 8,000 civil bills before the Circuit Court relating to repossessions.

We are facing a major crisis because of Government inaction in relation to people in mortgage arrears and the anxiety and distress that has happened as a result. That is on top of the homelessness crisis and the appalling fact that up to 1,000 children are in emergency accommodation in this city alone.

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