Alan Farrell (Dublin Fingal, Fine Gael) | Oireachtas source

I will try to be as quick as I can. The introduction of competition into the financial sector is clearly good as it gives people choices but it has been painfully slow. In all but one instance, those who have entered the market are not high street lenders. That is a major problem. Individuals' mortgages have been bought by international firms that are commonly referred to as vulture funds. Although they are answerable to business and conduct rules and the financial regulation of the mortgage market, they are not high street retailers and are not encouraging new business. They are simply trying to make as much profit as possible. Not for a moment do I believe that this is the best solution that is available to a mortgage holder in distress.

The Irish Independentran a headline: "Reprieve in store for mortgage holders as FF snubs Noonan's plea", which was a painfully simplistic analysis of the Bill. It creates false hope among the 300,000 mortgage holders who are suffering - I include myself in that statement - under high variable interest rates.

I accept Deputy Michael McGrath's motivations. We all want to do something about high interest rates and to take a stick to the banks for not passing on ECB cuts because they are not doing it fast enough. The Bill aims to target that. I encourage Fianna Fáil, the Minister and others to negotiate a position whereby the Bill can be given the sort of pre-legislative scrutiny that is required if it is to be the best possible legislation with the best desired outcome for mortgage holders.

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