Paschal Donohoe (Dublin Central, Fine Gael) | Oireachtas source

I am used to the interruptions but I will continue on. I would have hoped for a broader appreciation from Deputy Harty of the facts in this context but he did not feel able to offer it on this occasion. Restating the anxiety and understanding, which I share with Deputy Harty, of the worry citizens face when dealing with arrears, I would have hoped to hear from the Deputy, whose contributions on other matters tend to be fair-minded, an acknowledgement, as acknowledged in the amendment to the motion, that the number of people in mortgage arrears has almost halved in the last number of years. Progress like that had been deemed impossible. That does not invalidate the worry and concern of those who are still in arrears. However, to suggest no progress has been made and that nothing has been done is not commensurate with the changes that have taken place in our economy and society. While I do not hold any hope in respect of Deputy Mattie McGrath, I would have hoped that Deputy Harty would at least have acknowledged the fact that 115,000 mortgage accounts had been restructured. That has happened because the Government and the House recognise the worry and need to respond to the personal crises faced by too many people. I would have hoped for at least some recognition that the level of arrears in Ireland has declined for 21 consecutive quarters. The fact that there is no such acknowledgment in either the motion or the speeches in support of it is the reason I have moved the amendment.

Before I deal with the issue of the purchase of loan books by equity funds, I will discuss what we have done. With the constructive input of the House, we have introduced personal insolvency legislation. We have established Abhaile, which has issued 10,000 vouchers to provide support for citizens in distress. Of those who have secured personal insolvency arrangements pursuant to the legislation, 95% have stayed in their homes. In addition, we have put in place other legislation, in particular the Consumer Protection (Regulation of Credit Servicing Firms) Act 2015, on the amendment of which I was happy to work with Deputy Michael McGrath who identified an issue I accepted needed to be addressed. We put two enactments in place, one of which was initiated by the Government and one of which was initiated by Deputy Michael McGrath, to ensure that any entity operating in Ireland with access to and ownership of our loan book is subject to the regulation of the Central Bank. Further, I asked the Central Bank to review the code of conduct on mortgage arrears to consider whether those whose loans were sold were treated differently to those whose loans continued to be held by banks. That review was carried out independently by the Central Bank which recommended that the code of conduct on mortgage arrears be left unchanged. Before the Oireachtas currently we have the Land and Conveyancing Law Reform (Amendment) Bill 2019, which was acknowledged by no one in this debate thus far. The whole purpose of the Bill is to ensure that the 2013 Act is amended and strengthened to strike the appropriate balance for citizens who are in great debt difficulty and distress in our courts. We have put the legislation in place to ensure the right balance is struck between those in difficulty and the broader obligations and needs of banks in how they manage themselves.

I am on the side of fairness and ensuring people are treated fairly. That includes those who have mortgages and those who need them. It includes those who are paying for them. I address a point Deputy Michael Healy-Rae identified when he asked why more credit was not available. I ask the Deputy whether he will acknowledge the possible link between the fact that we continue to have one of the highest levels of non-performing loans of any country in the European Union and the fact that there is still an appetite for more credit from our banks.

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