Carol Nolan (Laois-Offaly, Independent) | Oireachtas source

I welcome the opportunity to speak during this important debate. I support the call in the motion for Government to introduce timely, targeted and temporary mortgage interest relief to support homeowners facing significant increases in their mortgage costs. I also support the call on Government to work with the Central Bank to enhance the supervision of vulture funds in the interests of struggling borrowers. This is an issue that my colleagues and I in the Rural Independent Group have been to the forefront on.

The Government would do well to remember that in November of last year, Fianna Fáil and Fine Gael, along with the Green Party, voted against a Rural Independent Group Bill which would have provided legislative protection to farming families against vulture funds. This issue has been going on for years. In 2020, during Leaders' Questions, I raised the fear and terror that these vulture funds are generating through forced farm sales. Such fear and terror re-emerged following the end of the Covid-related moratorium on forced sales. We knew then and we know now from reports by personal insolvency practitioners and farm organisations that some farm sales were even being forced through without any prior notice being given.

In addition, the problem of home mortgage arrears is enormous, as we know from the most recent data supplied by the Central Bank. In fact, the outstanding balance on principal dwelling mortgage amounts in arrears of more than 90 days was €6.2 billion, which is equivalent to 6% of the total outstanding balance on such mortgage accounts. Recently, in County Offaly in my constituency, more than 570 family home loans were in arrears for two years or more. However, I suspect that number has increased dramatically more recently.

Mortgage holders who happen to be small business owners are also facing a double blow. In recent weeks, I have seen many small businesses forced to close due to utility costs. I ask the Government to do more to help our small businesses, which create so much local employment, to survive in our communities.

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