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

That is a change that we would warmly welcome. Taking the final decision out of the hands of the banks is something for which we have called for a considerable period. Be it a court of law or the insolvency service that would have the final decision-making power on objective grounds, based on an analysis of a person's repayment capacity and the available suite of options, with a view to keeping the family in its home if possible, that must be the core objective underpinning the Government's strategy for dealing with mortgage arrears. I call on the Minister to do this because the figures are frightening. More than 100,000 restructurings have been put in place, but we still have 110,000 accounts in arrears. As the Minister knows, under the targets programme, the figures show that the banks have proposed 30,000 so-called solutions that involve the loss of the family home, with 16,000 of those under the heading "Concluded". While that many houses have not been repossessed, if there is not a fundamental shift in thinking and in how mortgage arrears are dealt with, there will be a major ramping up of enforcement activity and the loss of family homes. It is in the country's interests to avoid that situation if possible.

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