Charlie McConalogue (Donegal, Fianna Fail) | Oireachtas source

I thank Deputy Mattie McGrath for raising this. As everyone in the House knows, we have come through a decade or 15 years which have been quite dramatic for people's personal finances. Many people across this country faced difficulties in their personal lives or their businesses. They accumulated mortgages and debts in good faith but as a result of the economy and the financial crash in 2007 and 2008, they found themselves in very precarious situations. Many people have the scars on their back which reflect that period.

The Government has engaged with the financial authorities on the matter. The Central Bank has a strong role in this regard. There have been significant changes in the law in recent years to provide oversight and protections for those who have debts, those who have mortgages and those who have business debts in terms of engaging in depth and trying to give the capacity, opportunity and find pathways for people to come through to maintain their businesses and in particular to maintain their homes. It is really important that that is the case and that the laws that are in place are overseen by our judicial system. It is important for people to have fair play.

As a result of the good management of the economy and getting into a good position in relation to employment and good fiscal management at Government level, thankfully the economy has recovered. Resolving those issues helped get people into a better situation. However, it is important we keep a close eye on this. It is important that people get fair play in their engagement with financial situations. Regarding the oversight bodies and the laws and regulations we have in place, and which have been significantly adjusted from what they were ten plus years ago, it is important they serve the public well while making sure we have a fair system in terms of financial engagements and contracts as well.

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