Pádraig Mac Lochlainn (Donegal North East, Sinn Fein) | Oireachtas source

Amendment No. 13 is the most important aspect as it deals with the infamous bank veto. After the Opposition repeatedly raised its concerns, we finally got a promise that the banks' veto would be scrapped. Is the veto gone? In some cases, it is subject to the courts, while in other cases it is not clear at all, from our interpretation.

If someone falls into arrears after 2 January this year, the banks still have their veto. What is really being proposed is a temporary empowering of the courts in some circumstances to overrule a bank's veto if certain conditions are met. That is not what was promised as far as I am concerned. We believe the veto will remain in the majority of cases. We know how adept the banks are at getting their way. I have major doubts as to whether the solution will work for the vast majority of mortgage holders or others in debt.

The Government has taken quite a while to come to this Stage and we are concerned that only those eligible for a personal insolvency arrangement, and not just a debt settlement arrangement, have any chance of appealing. We would like to get the Minister's response to those concerns, and we reserve the right to propose amendments in the Seanad if we cannot get assurance in respect of our concerns.

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