James Bannon (Fine Gael)

More than two years ago, a report by Peelo and Partners showed that consumers are paying an extra €175 million per annum as a result of this outrageous anti-consumer practice that involves house buyers making mortgage repayments long before they get possession of their homes.

This Private Members' Bill has received widespread support from across the political spectrum in the Seanad and from groups including the Consumers Association of Ireland. This issue should transcend party politics and the Bill would bring real and tangible benefits for hard-pressed first-time buyers. I urge the Government to accept the Bill now so that consumers can get the protection they deserve when purchasing their homes. Fine Gael has published three Private Members' Bills on the subject of housing protection. We pledge to implement them when elected to Government — it is no longer "if".