Joan Collins (Dublin South Central, Independent) | Oireachtas source

I support the Bill which has been tabled by Fianna Fáil, not because it is a solution to potential repossessions but because all creditors, including vulture funds, should be brought under the Central Bank's regulations and code of conduct. On the tracker mortgage issue, the Central Bank was able to hold the banks to account. It was difficult and it had to bring them in kicking and screaming, but at least it was able to do so. The Bill will make no difference in dealing with mortgage arrears or possible repossessions. The Central Bank's code of conduct is a code to regulate behaviour such as the contact a bank can make, etc. There is, however, no regulation of terms or solutions.

I know a family in Drimnagh who engaged with a lender and applied for a mortgage to rent but the bank refused. The Irish Mortgage Holders Organisation took it to court as a test case to clarify whether there was an obligation on a bank to accept a mortgage-to-rent. The court ruled that there was no such obligation and granted the repossession. Under current rules, banks do not have to accept the solution put forward.

This legislation should be brought forward, but there must be further regulation or, as the programme for Government states, the code of conduct should be put on a statutory basis such that banks would have to accept a mortgage-to-rent or a split mortgage, etc. I am deeply concerned that there is a mixed message and that people might think they will be protected by the Bill. They will not. We in this House must ensure people are protected. Permanent TSB should be told not to sell the mortgages.

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