Simon Harris (Wicklow, Fine Gael) | Oireachtas source

I thank the Deputy. I accept his bona fides on this. He has raised this issue for many years. As a Government, an Oireachtas and, indeed, a country, we have to work our way through two issues. The first of these is how to protect mortgage holders and the second is how to ensure that we have a functioning, stable banking system, not for the banks but for citizens who need access to mortgages and credit for their farms or small business or who need to put money on deposit and know they will get a decent interest rate. How do we work our way through those two issues? I am conscious that many mortgage holders are worried and concerned. Taking out a mortgage to buy a home is the biggest financial commitment a person will ever make and to think that there could be uncertainty or lack of assurance over that can only give rise to concern. Like the Deputy, the Government is eager to work with everybody in the House to find a way forward and to work out how we can provide maximum certainty, clarity and assurance to mortgage holders while we continue to minimise repossessions. Many Members talked about mass repossessions only being around the corner, but, thankfully, that never came to pass. They also said that mortgage arrears would continue to increase but these have fallen quarter on quarter for many years.

The Minister for Finance said yesterday - and it is the appropriate and prudent thing to do - that he has asked the Central Bank to provide further advice and guidance to him on the current legislation and regulation and indicate whether there is any need to improve or enhance that. He went further and said that he is willing to work with the Opposition. He had a constructive meeting yesterday with the Fianna Fáil spokesperson on finance and a Bill will be introduced by our colleague, the Minister of State at the Department of Finance, Deputy Kevin "Boxer" Moran. The Deputy also has suggestions. There is time because these loans have not been sold. They have not gone on the market and the Minister for Finance has not yet been consulted. There will be time to engage on the matter in this House and there will be time for the Minister to be consulted by the bank.

We also have to be truthful with people, however. We have to acknowledge the fact that we have a bank which, despite the recovering economy and the fact that we are almost at full employment, has on its loan book one of the highest ratios of non-performing loans in the eurozone. We also have to acknowledge the fact that when Members interfered with or ignored regulatory advice regarding the banks in the past, the Irish people bore the heavy consequences and deep scars of that and they still do to this day. Mortgage arrears are falling and home repossessions have been kept to an absolute minimum. There is time to work our way through this and to achieve a balance between the two aims we need to achieve for our citizens, namely, to protect mortgage holders and provide them with certainty and assurance and grapple with ensuring that this bank, which employs more than 2,000 people and has more than €17 billion on deposit, is stable and complies with regulatory advice. We are, therefore, eager to engage. No one has a monopoly on good ideas and, certainly, no one has a monopoly on compassion or concern for mortgage holders. The Government will work with all parties to find a way forward. As the Minister for Finance said, there is time to do that.

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