Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

I thank the Deputy for raising this issue. I fully agree that the position was little short of a disaster. The Government of the day decided that the sole engine of growth in the economy would be construction and development. It incentivised construction activity through an assortment of tax breaks. People paid too much for buy-to-let properties and domestic homes. There was no connection between the real economy and the amount of money paid for houses and people got into dreadful difficulty. This was not the fault of purchasers. If a couple with two children living in an apartment need a house, circumstances force them into paying the going rate. Nobody ever suggested this problem would be solved quickly. However, 120,000 mortgages have been restructured and 86% of the people involved are complying with the terms of the restructuring arrangements. We move on.

During a debate on this issue some months ago - I believe it was before the summer recess - Deputies predicted that thousands of evictions would take place. They have not materialised, although many cases are before the courts and subject to continuing adjournment. In that regard, the Minister for Justice and Equality is signing the order to give effect to the provisions of the Personal Insolvency (Amendment) Act 2015.

The representatives of MABS are attending in the courts. MABS is advising people who are before the courts to avail of the new insolvency arrangements and to come to an agreement through insolvency law. That is the latest development. The Minister will have it in place within the week.

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