Leo Varadkar (Dublin West, Fine Gael) | Oireachtas source

I totally appreciate the considerable concern that exists around the proposed sale of mortgages by Permanent TSB. It has struck a raw nerve with the people. Many people raised it with me over the weekend. The Minister for Finance, Deputy Donohoe, is examining this matter. We agreed to accept in principle legislation from Fianna Fáil to extend regulation over investment funds. We are bringing forward legislation proposed by the Minister of State, Deputy Moran, to strengthen the courts in their requirement to take into account family circumstances such as the ones the Deputy mentioned when it comes to repossession. We are looking at other options as well. We are very much on the side of honest people who are making an honest attempt to pay their mortgage, to pay down their loans if they can and to settle their debts.

In Ireland we have strong protections for homeowners, for borrowers and for mortgage holders. If one looks at a the number of repossessions relative to other countries, it is much less likely that a home will be repossessed in Ireland than in many other countries, such as Spain, the UK and many others. That is because of the strong protections we give to homeowners and borrowers in terms of property rights and the rights that apply to those individuals. The number of repossession orders is going down. We have been told on many occasions there would be a tsunami of repossessions. In fact, the numbers have been going down.

See this speech in context