Michael Collins (Cork South West, Independent) | Oireachtas source

I thank the Acting Chair for giving us the opportunity even though our time had gone. I appreciate that.

The introduction of the individual accountability framework is supposed to help build on the reforms that have taken place in the regulation of the financial sector in Ireland since the financial crisis and introduce new financial regulation with an emphasis on individual and personal accountability and responsibility.

I will tell the Minister of State about a constituent I have. She has spent the past 14 years trying to hold onto her home. She bought the house 16 years ago based on an engineer’s report that the bank requested. She was able to buy her brand new home for herself and her unborn child at the time. The engineer’s report told her and the bank that her home-to-be was structurally sound, so she was fine to go ahead with her mortgage. Less than two years later, she found out that there were huge structural problems in her home. She contacted engineers, HomeBond, solicitors, etc., to try to resolve the situation. Finally, after months and months, she had some repairs carried out by the original builders.

Between HomeBond, engineers and solicitors, however, she was conned on every corner. She was told by Bank of Ireland representatives at the time to stop paying the mortgage. She was advised by the bank representatives - these were the people who had the house structurally checked initially and cleared it - to sue her engineers. The Bank of Ireland representative in question has since been fired, apparently, and the saga has gone on for 14 years.

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