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

Tá áthas orm deis a fháil labhairt ar an rún seo a bhfuil bunaithe ar théama an chostais maireachtála. Tá géarghá don Rialtas rudaí a chur i bhfeidhm chomh luath is féidir agus gníomhachtaí a chur i bhfeidhm chun cabhair a thabhairt do theaghlaigh ar fud an Stát.

I support the motion to introduce targeted and temporary mortgage interest relief to support homeowners facing significant increases in their mortgage costs. The entire area of mortgage law and the capacity of vulture funds to act with apparent impunity is of increasing concern. The Government and the Central Bank do not seem to be able to get a handle on it. Cillian Sherlock recently wrote in the Offaly Independentabout how repossession orders were granted to an investment fund in cases where less than €6,000 was owed on the mortgage and, in a case where the mortgage was still being paid, €11,000 was owed. The Offaly Independent noted that the Money Advice and Budgeting Service, MABS, criticised a power imbalance between individuals and institutions with an army of lawyers at their disposal and stated that the key component in these cases was that the mortgage holder was not present in the court. Hundreds of families in County Offaly are being put to the pin of their collar trying to repay mortgages. The issue of arrears is also impacting on local authorities in my constituency. Recently published data indicate that loan arrears owed to Offaly County Council amounted to €163,000 in 2021, with 68% of those related to arrears outstanding for more than two years.

It is incredibly important for the banking culture in this country to change. The banks could learn a lot from the credit unions, which are community based and do a fantastic job. We hear a lot from the banks, PR firms and representative bodies, but the cold reality is many people, including those with family farms, receive very little comfort or accommodation when they get into mortgage distress.

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