Frances Fitzgerald (Dublin Mid West, Fine Gael) | Oireachtas source

In relation to this sorry saga, trust has to be earned by the banks. At this point, the people's trust has been deeply shattered. As with Deputy O'Callaghan, my thoughts this morning are with each family that has been impacted by this issue. While the numbers involved are in the thousands, the impact is felt at a personal level. It has been heartbreaking for countless families across the country who have suffered endlessly. Some families have lost their homes, others have suffered various terrible mental health stresses, marriages have been affected and there have been years of unnecessary pressure on people who were doing their best to invest in their own futures. What we need to do and what the Government has done is reassure those families that it is determined to find a solution for each of them.

The Minister for Finance has met with the banks and set down clear deadlines for action so that those families will, at the very least, have the money owed to them repaid and receive compensation where appropriate with the banks absolutely and totally being called to account. That is what he has been involved in over the last number of days in his meetings with the banks and the Central Bank. Deadlines are now in place by which these issues must be addressed and the Minister has made it very clear that if there is any delay, the Governor of the Central Bank has been asked to come back and report on progress by mid-December. The Minister has made it clear that if those deadlines are not met, a range of actions are open to him which he will not hesitate to take. He has outlined the potential actions, some of which Deputy O'Callaghan mentioned. They include further legislation, if that is deemed necessary, taxation initiatives, levies and so on. The Government is determined first that the priority is for the people who have been most impacted on the frontline to have a speedy resolution.

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